Also Gen X, graduated in '96, and was warned by my econ/government teacher that we need to have well funded IRAs, because we won’t be getting enough social security benefits to even pay for food, much less rent, medicine, or healthcare.
This is what they mean when they say Social Security is basically bankrupt. It won’t pay for shit, and I live with people who currently draw on SS. It already doesn’t even pay the 1/3 of their retirement it was supposed to. We don’t get the retirement plans (pensions) from the companies we work for that was supposed to cover that last 1/3 of our retirements.