With the population getting older, is the social security system destined to go broke?

Answer 1

my views is that there is a lot of young teenagers getting pregnant not going to work from school so not paying into system but getting paid out of system so yes before long no money left. i worked up to getting married and had three boys my husband worked, when the boys grew up i went back to work , then 5 years ago my husband was taken ill and we both had to give up work and for what we paid in to what we get now is disgusting, we didnt get tax credits, and family allowance was 0.50pence a kid.

Answer 2

Social Security is a pyramid scheme. It is based on today's workers paying money into the system and yesterdays workers taking out of the system. This was okay when it was first started because at that time there were approximately 40 workers to every one retiree. Run forward in time and we come to now where there is less than 4 workers for every retiree and the federal government has borrowed money from social security for the last 40 or 50 years. Then we have the boomers. We basically kept social security sound for the last 45 years. We entered the work force and we have worked. Not just the men as in generations past but most of us women have worked. Now here we sit, the first of the boomers will take early retirement next year. I fully expect that by the time I am eligible for full retirement (66 1/2 years young) that the system will be broke or darn near. Changes that should have been made 20 or 30 years ago were not made and I truly feel that it is just too late. I have my own savings, a 401K, and money saved in a variety of instruments so I am not too worried about retirement. But I do not count on getting any social security money.

Answer 3

The big problems are we have an population living much longer, we are all fighting to retire younger and still many don't have any provision such as a private pension set up for retirement.

Many companies don't have a pension schemes, some are poorly funded,etc so we are going have a country full of old people with little or no money and a state pension scheme which is being wound down more and more over time.

We must all be forced into taking out a pension be it company or private from a very young age, and it neeeds to be taken out of our wages along with tax, it is the only way.

We all want to live for now and worry about the future another day but we can't sustain the current state pension scheme with so many people living for so long.

Answer 4

Yes. With the current political views as well, people better start making investments into good family relations.
That's the natural security system. And I'm in a lot of sh*t at the moment tring to get out of the social security system as fast as my legs can run lol!

Answer 5

It would not go broke if the Congress had the guts to raise the cap. Right now, anyone making above $92.000 does not have to pay SSI on the amounts above $92,000. If the cap were raised to $150,000 there would be plenty of money. Congress also needs to stop raiding the SSI treasury. They have stolen millions from the fund to pay for their little pet projects and then they cry about SSI going broke. It is a scam and the working slob is getting screwed, as usual.

Answer 6

honey, the Social Security System does no longer work BY NOW!

it has been a misconception from the beginning.
Bismarck, a German politcian, knew that the Social Security would fail as soon as it was created, back about the 1880s.

I recommend that you save some money for your old age asap, or you'll have nothing by then.

Answer 7

i'm pissed that being 18 i would be paying into that corrupt factor for a protracted time. If it is going broke i'm taking some thing off the government. i think of i ought to apply between the presidents cool armored automobiles. he's have been given like 3 of those, think of he will strategies if I take one?

Answer 8

The SS is going broke because this government and the last one have bowed down to Europe and have let is far to many unwanted people in here and give them priority over the true Brit's.

I have had 2 company pensions that have been got at by the company's, and now i will get £1.600 per year pension.
what will i do with all that money.

Answer 9

Only if HMG allow it to. it is obvious that while we all have contributed to what we thought was a fund it has simply gone into the general taxation pool. So while we thought (and we are not financial experts) we were saving for our old age through a government scheme we were and are not.

Answer 10

There will be nothing left in Social Security by 2012. that's a promise, it's nice though that I have spent most of my working life giving money to other people. I'll never see a penny of it.