Will social security still be around when I'm old?

Question

I'm paying for social security now as a young working adult, but will I still be able to get social security benefits when I am old and decrepit in fifty years?

Answer 1

The big lie - The big misconception of social security. Did you know if they eliminated social security and if you were 18 - 21 years old and you invested the same amount of money that the Government STEALS from you - that you would be a millionaire at age 55 not 65. Social Security is taken from you because they do not think you are wise enough to invest for yourself. At age 65 if you are blessed to live that long you will receive roughly 18,000. dollars a year - when in reality at 55 you could spend that much in a day every day had you been allowed to invest it. Then if you live 10 more years that's only 180,000. about 5 times less then your own investment received at 55.

Answer 2

I think social security will always exist in some form... most likely to pay the base minimum benefits to people who truly have nothing.

However, I suspect that, in the very near future, you'll start to see a major overhaul in how the system works. Basically, I think there will become a maximum cut off for your annual income, beyond which point you'll still have to pay your social security taxes (natch!), but you'll no longer be eligible to collect on them.

It's just my theory. A lot of folks say it will go away entirely. I worked in DC for eight years and if there's one thing I know about government, it's damn near impossible to close something down once it's gotten established. Even if, actually, most especially when it's a huge disaster.

I'm 36 and I don't anticipate that I'll ever see a dime of the money I've poured into the system. And yes, you can be sure I resent that.

On the other hand, I've never operated under the delusion that I was ever going to see any of that money again.

Unless you want to end up trying to survive on eating cat food, I HIGHLY recommend you start saving now. Even if it's just collecting your change in a jar and depositing it in a savings account, that's better than not starting at all. Compound interest is your friend. And ultimately, we can't really expect any one else to take care of us, can we?

Answer 3

Chances are its not so what I would do and what I am going to do is at every job if offered collect yourself an 401k plan honey with the companies matching you like they do I would seriously consider that because we are going to need it and as I see your age you should start saving for a rainy day fund because that rainy day is going to come when you least except it. And we all hate the thought of it but you may have to get a part time job at a department store.

Answer 4

at the rate going on today, social securety will only be around for another 20 years. don't be to worried tho because it is a major part of the country and leaders will be sure to keep it funded

Answer 5

It really depends, if you allow the conservatives into eroding it any farther without a plan to help fund it or if it is privatized in any way, no it will not be there, when you get old. But if a few adjustments are made it will be there for your grand childrens retirement.

Answer 6

It will still be safe and sound if we can just keep greedy politicians from sticking their fingers into the pot, and using it for other things.

.

Answer 7

Free life lesson-

The only one you can always count on is yourself.

I wouldn't bank on getting anything from the government.

Answer 8

Hopefully


I'm ready in 14 years to collect
thank you for your contributions :)

Answer 9

there's a web site just for that type of info .

Answer 10

I'm 27 and I DO NOT plan on seeing mine....