By Marissa Bailey

(CBS) — Millions of Americans save for retirement, but Millennials are now forced to save in a new and more aggressive way.

CBS 2’s Marissa Bailey reports.

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,” says Michael Miller, associate professor of economics at DePaul University.

He says we’ll likely have Social Security for the foreseeable future, but the system is broken. Twenty and 30-somethings will be affected most.

“Baby boomers are going to begin retiring at a really quick pace, coming up over the next five years, and the number of people working is going to go down,” Miller says. “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 percent less.

Danielle Ferrari Marshall, an Edward Jones financial planner, 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,” she says.

Also consider an Individual Retirement Account. Remember, any amount you save, no matter how small, is a step in the right financial direction.

“It starts becoming more of a habit,” Marshall says.

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.