With the 2024 election less than a week away, there’s a renewed focus on the stakes of Social Security. One of Donald Trump’s stated priorities, if re-elected, is to cut and reform the program—a move that could drastically impact how Millennials and Gen Z plan for their futures.

Imagine this: you’re a Millennial or Gen Z trying to build a life—navigating student loans, sky-high rent, and the pressure to save for a future that feels out of reach. Now add another layer: if your parents’ Social Security benefits were cut, you’d be stepping in to cover the costs, from everyday bills to medical expenses. The median retirement savings for Black families hovers around $8,000, meaning that half of Black households have less than this amount saved for retirement. Black and Brown families, who often lean heavily on Social Security due to decades of systemic disparities, the stakes couldn’t be higher. Over 40% of Black seniors rely on Social Security for at least 90% of their retirement income. This isn’t just a policy debate; it’s about families, legacy, and the American Dream many still hope to achieve.

1. Stretching Budgets to Support Aging Parents

For Black and Brown Millennials and Gen Z, Social Security cuts would hit especially hard. These generations already face student debt, sky-high rent, and stagnant wages, which make it tough to set aside anything extra. Imagine trying to scrape together retirement savings for yourself while also covering basic living expenses for your parents. For many, the reality would mean putting their dreams on hold just to make sure Mom and Dad have food on the table and a roof over their heads.

This financial pressure would take a toll, and it’s not just about budgets—it’s about feeling caught between taking care of the people who raised you and trying to build a life of your own.

2. Living with Family Out of Need, Not Choice

We’ve seen multi-generational households before, but this time, it wouldn’t be out of cultural preference or choice; it would be out of necessity. For Black and Brown families, who already experience wealth disparities, moving parents into their homes might be the only option to manage costs if Social Security no longer provides enough.

Imagine sharing a space with three or four generations, all trying to coexist while handling different life stages under one roof. It can build family bonds, sure, but it can also add stress, make privacy rare, and create tension—especially for younger generations hoping to carve out a bit of independence.

3. Career and Mental Health on the Line

Balancing a career while supporting aging parents could feel like an endless tightrope act. You might take on side gigs or switch to flexible work schedules that pay less but allow you time to help out. While taking care of family is deeply valued in many cultures, the cost can be steep. The weight of responsibility can impact mental health, pushing burnout rates even higher.

For Black and Brown Millennials and Gen Z, who already face additional workplace challenges, this means giving up not only time but career progression, job security, and often mental peace. In many cases, people are left questioning: how do I keep moving forward if I’m tied to so many responsibilities at home?

4. Dreams on Hold: Delayed Wealth-Building

This added financial burden means delayed dreams. Forget about saving for a house, investing, or retirement planning; it’s hard to focus on that when you’re spending every extra penny supporting family. The racial wealth gap, which Black and Brown families know all too well, would widen further as Millennials and Gen Z find themselves in the impossible position of supporting others while just trying to keep their own heads above water.

For so many, the thought of buying a house, building generational wealth, or simply saving enough for a stable retirement feels like it’s slipping away. Every dollar that should be going into a savings account is instead covering another month’s worth of groceries, rent, or medical bills.

5. A Heart-Wrenching Trade-Off: Health vs. Financial Security

Healthcare costs are no small matter, especially for communities that already face health disparities. If Social Security cuts lead to reduced disability benefits or healthcare support, many young adults will find themselves paying out-of-pocket for parents’ prescriptions, treatments, or emergency expenses. When it comes down to it, do you help pay for a parent’s medicine or put money aside for your own future?

This choice is cruel. For many Black and Brown families, it’s the heartbreaking reality of living in a system that often feels stacked against them. The option to just “let it be” isn’t there; these communities are family-oriented, and the idea of letting loved ones go without is unimaginable.

A Precarious Future for All Generations

Social Security isn’t just another line item in the federal budget. It’s a lifeline that millions of families, especially Black and Brown families, depend on for dignity in their later years. Any cuts would leave a lasting impact, passing down burdens that younger generations are already struggling to carry. This isn’t just about politics; it’s about the day-to-day decisions families will face, the dreams that may be postponed, and the futures that will be reimagined out of necessity rather than choice.

For Millennials and Gen Z, the cost of their parents’ financial security might very well be their own. In a world where each generation hopes to do better, live freer, and create a legacy, Social Security cuts threaten to reverse that progress, leaving the American Dream just out of reach for too many families.

Before you think your vote doesn’t matter, consider how cuts to Social Security could impact you and your wallet. Policies affecting Social Security aren’t just about retirement—they shape our ability to support our families, invest in our future, and secure basic financial stability. Voting gives you a say in these policies that could reshape your financial landscape and influence what kind of support you’ll have down the line. So, when it comes to voting, remember the real-world impact: your pocketbook, your plans, and your peace of mind.