One in four millennials doesn't expect to receive any Social Security benefits in retirement.
But if one of the most popular federal programs does survive in its current form—and that is a big if—the average millennial married couple could actually receive nearly double the average Social Security benefits that current retirees collect, according to a new analysis by the Urban Institute.
Here's the breakdown: In 1960, a married couple in which each spouse earned average wages over a career beginning at age 22 and retired on his or her 65th birthday would receive about $300,000 in health and retirement benefits.
Today, that figure is more than $1 million in health and retirement benefits from Social Security and Medicare. The expected benefits in 2050 for a couple in which both partners are 30 years old today, earn an average annual wage of $49,000 and expect to start collecting at age 65 are scheduled to rise under current law to nearly $2 million adjusted for inflation, the Urban Institute found. (See chart below.)