“Save Now”
By Ashley Perryman

The trustees of Social Security and Medicare now estimate that the Social Security trust fund will run out of money in 2040. With a generation of young Americans relying on credit cards, coupled with increasing debts due to student loans and rising interest rates, learning to save for the future might prove difficult.

Senior Jessica Rein said most students don't understand the urgency of the situation.

“I guess I think that people our age will have a hard time adjusting because we don't know about it. We don't know that we're not going to get social security,” Rein said.

Financial planners say the Roth IRA is the best bet for young savers. An account can contain that maximum amount of four thousand dollars and be closed after age 59 and a half with no income tax on the interest it earns. If the account is transferred to a beneficiary, that person will retain the same rights.