Right now there is a common misconception that once the millennial generation reaches the age of their parents, there will be no money for them when it comes to health care and health-care benefits. A recent study was released that proved this theory wrong. In fact, if the government continues to spend what they are spending now and continue heading in the right direction, millennials can expect to receive more than double what their parents will receive in payments when they hit retirement.
The main reason for this pay increase is an expected upsurge in salaries over the next few years. Social Security benefits are raised when salaries are higher, which means more benefits for later generations applying to Medicare and receiving social security checks.
Projected high benefits might appear to reassure millennials that they will enjoy a strong federal safety net in their later years. Level patterns of government spending during the lifetime of millennials could improve living standards for younger Americans, while still providing Social Security and Medicare benefits to them during their later years.