2007-08-27 07:41:11 · 13 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I'm not counting on it, so I started a Roth IRA when I was 22. I would suggest you do the same.
2007-08-27 07:45:44 · answer #1 · answered by scooter 5 · 0⤊ 0⤋
We can only hope. Be sure to pack away as much as you can in your IRA or 401-k. Learn to live without that money so you can have something in the future. Heaven forbid if something happens to you before you use it all up, the heirs can receive that money. The way social security is, you die, the spouse may benefit and any children under 18, nothing else. Any "unused" monies you put in is used on people who, IMO, shouldn't be eligible. (ie, an immigrant whose disability is that she could not speak English, so she is receiving a disability benefit from SSA).
If you really want to have a safe future, become a federal politician. They do not pay into the social security system because they voted themselves such a fat pension that they don't need social security. Nice eh? If they had to live on roughly $1,000 like most the recipients, they would fix social security really fast.
Take care and don't let my message keep you up tonight.
2007-08-27 20:38:12 · answer #2 · answered by IRENE THE BOOKIE 3 · 0⤊ 0⤋
If you are not a Baby Boomer (the last Baby Boomer was born in 1964) then it is highly unlikely that Social Security will exist when it's time for you to retire. Start saving, now!
2007-08-27 14:47:00 · answer #3 · answered by kja63 7 · 0⤊ 0⤋
It will likely be there in some form, but will probably be very different that what it is today. Don't depend on it as your main income - it was set up originally to be a supplement, not full support.
2007-08-27 14:48:04 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
Most likely not -- but even if there is you need your own retirement plan.
Read the books by Dave Ramsey -- you will get on the right track.
2007-08-27 14:45:43 · answer #5 · answered by BTRFLI 2 · 0⤊ 0⤋
If nothing is done, the surplus will be gone but the SS taxes paid by those working will allow SS benefits of 70% of the expected amount to be paid.
2007-08-27 16:16:18 · answer #6 · answered by r_kav 4 · 0⤊ 0⤋
the math of it died years ago, its a political football now. you may get a few bucks, but not enough to retire on. better start making other plans and save now... roth IRA's, mutual funds, etc.
2007-08-27 14:49:36 · answer #7 · answered by Anonymous · 0⤊ 0⤋
this question sounds like a question from a person i need of financial stability. your still 36 and have plenty of time to save money. you shouldn't depend on social security.
2007-08-27 14:48:11 · answer #8 · answered by skeezbucket 4 · 0⤊ 1⤋
NO, but at your age dont worry about it, stay healthy and work on making yourself and your health better also marry or stay in a family wher ethere is money coming in.
start saving on your own, save as much as you can for house, education, emergencies, vacations
2007-08-27 14:46:46 · answer #9 · answered by god knows and sees else Yahoo 6 · 0⤊ 0⤋
Probably not under the current system. When the fairtax is enacted ...then the answer is YES!
2007-08-27 15:16:09 · answer #10 · answered by Fairtax Fairy 1 · 0⤊ 3⤋