‘Don't quit. Keep your job': Expert says Social Security will 'go away' — and the thing to protect isn't your 401(k)

For younger generations, the idea of living a life of leisure in retirement — playing golf, pursuing hobbies, going on bucket-list trips — seems increasingly out of reach.

At least one expert is saying they're right — and the new retirement plan is to "keep your job." Cultural historian Lawrence Samuel told Marketwatch he believes the modern idea of a leisurely retirement has come and gone.

Indeed, he says it's a powerful myth — just like the American dream. "But most Americans don't realize their American dream. The odds are against you," he told MarketWatch .

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The author of the new book, The Rise and Fall of Retirement in the United States: A Social History , also believes Social Security will eventually "go away."

His advice? "Don't quit. Keep your job — keep it despite having an annoying boss or colleagues. Keep the health insurance coming as long as you can."

But finances aren't the only reason the modern idea of a leisurely retirement isn't working anymore. The loneliness and social isolation that often accompany retirement are other reasons to consider a different model.

## Modern retirement concepts aren't working anymore

Americans are living longer and spending more time in retirement — sometimes more than 30 years. Few Americans have a traditional pension anymore; rather, they're relying on their own savings and investments, along with Social Security.

But the modern idea of Social Security, too, has become somewhat outdated. The Old-Age and Survivors Insurance (OASI) Trust Fund is projected to run out by 2032 . At that point, retirement checks will be entirely dependent on payroll taxes.

But, as the U.S. population growth slows [a] , the population of age 65 and older is growing faster and leaving fewer workers to finance the benefits of more retirees. That means monthly checks would have to be slashed by 22% in 2032 unless Congress intervenes.

The Social Security system — which pays benefits to more than 58 million Americans 65 and older — was also designed in a different era.

And it's a "myth that Social Security benefits directly represent seniors' hard-earned money that they paid for in full through past payroll tax contributions and thus are entitled to as an unmalleable earned benefit," according to an analysis by the Committee for a Responsible Federal Budget (CRFB).