Social security scheme--will we ever get our money back?

Question

Now that the "baby boomers" have started to collect social security money (and as everyone knows--the money coming in from the current generation pays the money for the taking out generation--it is not invested at all)--will younger people like myself ever ACTUALLY get social security money back come retirement time? Or will the government just pass out iou notes or just plain say that you won't see your money?

I know its all speculation, but I was just wondering what other people think about this.

Answer 1

This is a fundamental misunderstanding about social security. Most people collect everything they put in, plus interest in a few short years. Certainly under ten. Then many people live longer lives now which has really compounded the issue.

Congress needs to make changes ASAP. They need to either reduce benefits or increase contributions (I know that both are pretty undesirable).

We will probably get our money back, but won't collect in excess like past generations.

good luck!

Answer 2

No baby boomer has collected yet. The earliest will be next year for those who were born in 1946. They will be 62 years old. Baby boomers were born from 1946 through 1964. All of us including the baby boomers need to be directing questions and concerns to our elected representatives in Washington DC. Another problem that many Americans do not realize is that the Social Security Administration does not have enough staff or updated equipment to handle increased workloads especially when the baby boomers start collecting.

Answer 3

The reality is you probably will not see that money. Now the gov't could change. Say what you want but Bush's plan to change SS was pretty good. If you crunch the numbers those of us who have almost no chance of seeing SS would come out pretty well. Too bad congress has no interest in changing the system.

Answer 4

At the moment the Gov't has stated that Social security will be alright til 2041. At that point who knows.