With Baby Boomers retiring at a faster pace, the Social Security system is rapidly changing.
"The biggest misunderstanding is that there's a big pile of money sitting somewhere. And there's not."
Michael Miller -- associate professor of economics at DePaul University -- says we'll likely have Social Security for the foreseeable future -- but the system is broken -- and 20 and 30 somethings -- will be affected most.
"Baby Boomers are going to begin retiring at a really quick pace coming up over the next 5 years and the number of people working is going to go down …When you add those two things together you have a crisis."
A 2004 report estimated the Social Security Trust Fund would run out in 2042. The newest numbers show it's more likely to run out much sooner in 2033.
Benefits will still be paid, but you'll get 23% less.
"It's difficult to count on things when you're not in charge of them."
Financial planner Danielle Ferrari Marshall says you should start saving immediately.
Start with your company's retirement plan.
"Absolutely contribute up to the employer match - so that's free money right off the table."
Also, consider an IRA.
Remember, any amount you save, no matter how small, is a step in the right financial direction.
A few proposals out there to reform Social Security include increasing payroll taxes, raising the retirement age and reducing benefits for people with higher incomes.
