Will there be Social Security in 30 years?

Question

How long to you think it is going to be before Social Security is going to be removed by the government?

Answer 1

Not if we elect Hillary and her gang.

Answer 2

The conservatives who push to end or replace social security have not had success for a frontal assault.
but the debt that has been put on this country via increased spending and tax cuts has put the social programs in jeopardy.

Unless some economic boom results in increased revenue - some changes will have to be implemented - such as decreased payments or later retirements - the projections are so far into the future it is hard to say.

What is certain is that free economies are volatile and subject to booms and busts. The American economy goes through a recession, depression, or panic about every 50 years, characterized by foreclosures and property devaluations, unemployment, bankruptcies, business closures, and bank failures. The elderly may save all their life and have a bad recession wipe out the value of their assets. The alternative to social security for those people is life as a pauper.

Answer 3

If your young don't count on social security to be around in 30 years. It is possible that it will be but you should never plan on that being your sole source of retirement income. There is no money sitting in some bank strictly for social security payouts. Rather it is paid in by people still working 50% employee, 50% employer and then payed out by the government to people that are retired or disabled. I believe it is also used for other government programs that have nothing to do with retirement. When social security was started there were many more people paying into the system than people receiving it so there wasn't a big burden on those paying in. Now that baby boomers, myself included will be retiring en mass in the coming years the ratio of people paying in to the system to the people receiving the payouts will be a lot less so the government will have to raise taxes by huge amounts to pay for it or reduce benefits to those receiving it or both. Our politicians have really gotten us in a pickle on this one. I think young people today are smart enough to realize that if they want to have some money to retire on they better save some on their own even though the social security system is still working. It is very important to get in the habit of saving some of your money even if it is only a small amount. Just living paycheck to paycheck is a recipe for disaster.

Answer 4

Without social security in some form, if it were to discontinue today: The standard of living would drop so low it would be like a third world country here. We would have more homeless, hungry, sick people in the streets and maybe riots in the street by some demanding that something be done. People just can't or haven't saved enough for retirement.

For many people Social Security is their major/or only source of regular retirement income and health care coverage.

Some of the money in the Social Security trust fund has been diverted by this administration to support the war, large number of baby boomers supporting the system will retire soon -- it's cause for concern.

Answer 5

Yes, there will be social security, but it won't be enough to live on. Count on supplementing that monthly check with other savings and investments. The sooner you start now, the more you'll have then.

Social security was never meant to be a retirement fund. It was meant to supplement a retiree's income. Now that the next generation is smaller than the current one, benefits will have to be cut in the future. In plain English, that means it won't be paying out as much as it is paying out now. Since the current benefit is roughly $1,100/month average, do the math.

Answer 6

Ought to be there 30 years from now. I have been paying INTO Social Security for 55 years and get taxed the maximum rate on anything that it pays out.

Answer 7

The Social Security system is estimated to mature by 2012-2015.

As soon as the number of people withdrawing SSN will exceed the number of people depositiong towards SSN, the system is bound to crash. The SSN money is not being invested properly at all. It's not a perfect system.

Answer 8

Don't count on the government of China to take to kindly to your Social Security retirement when your to old to to sue the good old USA for borrowing against the money you have paid in from 1969... PLEASE PLEASE! Arrange a personal retirement package of stock, bonds and Real Estate to see you to yours, and my demise. If you think the elected Congress, and Senate will look out for your well being THINK AGAIN! See New Orleans, La

Answer 9

Not if Bush has anything to do with it. He's bound and determined to screw America out of their Soc Sec.

Of course what does he care, he's loaded especially after the money him and Cheney are bringing in from the Iraq war.

And believe it or not THERE IS NOTHING WRONG WITH SOC SEC!!! The grandfather and maker of Soc Sec looked over it and found out that not only is their nothing wrong with the state of Soc Sec but that it's never been better.

What he did say is that Medi Care is in trouble not Soc Sec. However if you noticed it's always the people with money who want to get rid of Soc Sec.

It's funny how Bush says it's running out of money yet he is able to crap out hundreds of billions of dollars for the Iraq war.

Answer 10

If you are not already planning for your own retirement outside of Federally funded plans you are behind. EVEN IF, Social Security lasts that long if you look at your yearly statements you won't be getting much.

Answer 11

social security should never have left the 40's
we need to get rid of all the unnecessary taxes that take chunks out of our paycheck and make the lazy (not Senior citizens) get off their butt and start working