Do you think there will be SOCIAL SECURITY benefits 40 years from now? if not why?

Answer 1

I seriously doubt it. With Bush's new intentions with social security and the fact that every president tries to change it... I say open a 401k and start saving!!!!

Answer 2

Yes. It is political suicide to threaten the program. The reitred/elderly are a powerful voting block and lobby. They will force the program's survival even if it means financial oppression for young workers. But the following things will likely happen:

Benefits will be reduced.

Benefits might be means-tested.

That age at which you can collect will be raised. This is already happening.

Taxes (on our children) will be raised ever higher. This is the most likely scenario. Why? Because that's been the solution all along. When the program was started the tax was 2% - half due from the employee and half the employer. That figure is now 15.3%! Also, the earnings ceiling at which the tax stops being charged is being aggressively raised.

Then there's medicare.......

Answer 3

Fact is, uncle sugar has been spending from the social security funds for a long time now. It's true: the fund might not be here in less than 40 years. Why do you think all those 401k and similar savings plans get the tax break? Even uncle sugar is trying to wean us away from the SS fund before it collapses.

Answer 4

I believe there will be because of the voting power of the Baby Boomers. Boomers are in their 40's and 50's now. In 40 years they will be in their 80's and 90's. Given the longevity of the generations, I expect they will be active voters in their senior years protecting their Social Security benefits. That will mean high(er) taxes paid by the working age population.

In general I believe that our society values providing benefits to our senior citizens, which will continue.

Answer 5

I am 48 years old. When I was 17, my Economics teacher in High School told us that by the time we were old enough to collect SSI, it would be all gone. However, I think there will still be benefits in 40 years, but the retirement age will be set at 72 years old.

Answer 6

Not a chance. Save up with other investments because Social Security as we know it will be gone in less than 18 years.

Answer 7

Congressmen,most of whom do not pay into the s.s.fund, recieve upon retirement just over $100,000 a year from said fund. So, us average folks are paying for others to retire extremely comfortably now. I don't think it will take 40 years.

Answer 8

i sure hope not. do some simple calculations. if you could put your money into a private retirement account, you would retire with AT LEAST twice the amount of money that "socialist in-security" would provide to you. - assuming that you put away the same amount of money that is stolen from you in the name of SS.

Answer 9

No, People are living longer and using more money. Less people are paying into it. With the millions of illegal aliens.