Millennials have dim views on Social Security when it comes to their retirement.
Nearly two-thirds of millennials surveyed by T. Rowe Price said they believe they're more likely to win the lottery than to receive any money from Social Security. And a Northwestern Mutual survey found 73 percent of millennials expect to work past the age of 65 because Social Security won't take care of their retirement needs.
"The reality is when Social Security was put into place, the life expectancy wasn't in the 80s and 90s," said Chantel Bonneau, a wealth management advisor at Northwestern Mutual in Los Angeles. So it's not surprising that changes may need to be made.
But do millennials have reason to worry Social Security will be gone before they're old enough to collect?
Probably not. Even if Congress does nothing, the Social Security Administration projects it will have enough money from payroll taxes to cover three-quarters of benefits it has promised retirees after 2034 when its reserves are scheduled to run out. Of course, that doesn't mean you shouldn't save money for retirement too.