There is a common social security myth that the Social Security benefit will be reduced

Or completely withdrawn. It's one of the most popular entitlement programs in the United States.

While Social Security is universally recognized as a source of income for retiring individuals, it is not intended to do so. 

Even though Generation Z has decades ahead of them, they can start planning early for alternatives

To Social Security to allow them to retire with social security.

An Individual Retirement Account (IRA) is a good way to invest in retirement. Both traditional and Roth IRAs are available to Gen Zers. 

Tax-deferred IRAs allow you to deduct your contributions each year, allowing you to defer your income.

When you withdraw any money before age 59, you will be subject to ordinary income taxes.

The maximum contribution limit for a Roth IRA is set each year. You can withdraw earnings from 

A Roth IRA income tax-free at age 5912 if you have held the account for five years. 

(The maximum contribution for those under 50 will be $6,000.) For those under 50,

the maximum contribution for the year 2022 is $6,000. A 10% penalty applies to those who withdraw earnings earlier.

Ascent Financial Group's financial advisor Dustin Newton, CFP and financial advisor at Ascent Financial Group,

Said the potential growth of these accounts could make up for Social Security reductions.

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