What do you think will be the problem of financing Social Security in the next 25-30 years?

Answer 1

It'll be screwy, Most likely The younger generation will be forced to pay more just to be able to pay out those currently retiring, and then someone will say they have a plan, and try to fix it but there is way too much $$ we dont have...

Answer 2

Basically, the problem of financing Social Security in the next 25 - 30 years will be the same as it is now: a flawed system and a hugh bureaucracy to run it. Like now, there will still be people who never contributed a dime to it yet are eligible to receive payments from it.
As it stands, Social Security will not pay actual cost of living increases, denying the true inflation rates. While this is a minor inconvenience to most people, those who have lived paycheck to paycheck all their lives really hurt from the Government's failure to allow cost-of-living adjustments to keep up with inflation.
When Social Security was started, most people died before being eligible to receive it. Now, most people live long enough to receive it. The age limits need to be increased, while being compassionate to those who are incapable of continuing to work.
In short, the problem of financing Social Security in 25 - 30 years is that the Government likes to spend money received for Social Security for other matters without "paying back" into the fund. Adjustments need to be made, but not increasing the tax rate. This would include increasing age requirements; increasing the maximum salary subject to social security taxes; not paying social security to aliens, especially illegal aliens.

Answer 3

How's this plan, for every year you are bellow the current retirement age, your benefits are reduced by 3%. You are expected to SAVE money to cover the difference. Anyone currently under 25 never gets anything from social security. Payroll taxes will be reduced as total benefits phase out.\

Note: Under my plan, I would receive about 1/3 of current benefit levels.