2007-10-28 05:03:34 · 7 answers · asked by Robert Mak 1 in Business & Finance ➔ Taxes ➔ United States
Think of social security as just another tax. Don't count on it for retirement. If you get something back, great.
You have to plan and save for retirement on your own.
2007-10-28 05:10:26 · answer #1 · answered by Mike Y 2 · 2⤊ 0⤋
It depends on a lot of things, the first being if the country still exists in anything like the form it is in now in forty plus years. Second is whether the government continues to steal the Social Security funds for other purposes and then tries to tell us SS is bankrupt. Every years SS takes in $78 million more than it needs to pay out, yet they claim it's bankrupt? However, if the haves continue to insist that we should all be able to invest in and save enough for our retirement ourselves, then the have nots will be out of luck. I would suggest your daughter start saving even $50 a month now and she'll be OK by retirement time, assuming we're all still here.
2007-10-28 12:13:33 · answer #2 · answered by mommanuke 7 · 0⤊ 0⤋
Social Security is designed to supplement a person's personal savings and other retirement plans. You daughter is young enough to do these things for the next 40 plus years. Start now no matter how little the amount. Compounding interest over a course of time is awesome.
2007-10-29 11:01:48 · answer #3 · answered by Gary 5 · 0⤊ 0⤋
At a guess, yes it'll be solvent - but the rules are likely to change quite a bit by then.
2007-10-29 18:33:13 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Yes. Even if the politicians do nothing, it will be able to pay 70% of the expected benefit, but they will do something, if they want to get re-elected.
2007-10-28 14:36:12 · answer #5 · answered by r_kav 4 · 0⤊ 0⤋
Relax, nothing will change. Your daughter will get her benefits.
2007-10-28 12:51:06 · answer #6 · answered by MukatA 6 · 0⤊ 1⤋
Sure. Not all of our politicians are idiots. At least I hope not.
2007-10-28 12:11:58 · answer #7 · answered by chilicooker_mkb 5 · 0⤊ 1⤋