will social security be around to cover everyone it took money from when they get old? if not, what could be done to get the money back that you paid in?
2007-10-29 14:43:18 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Legally? Sure, since the taxes you pay today are NOT for your benefit but for the benefit of current retirees and disabled individuals. When you retire, people paying SS taxes will be supporting you, not stowing away money for their futures.
Likely? No, it won't happen. Congress will fix the system. It may be painful getting there -- and the longer they delay the more it will hurt -- but they will fix it. It would be political suicide for them to not act.
2007-10-29 14:56:05 · answer #1 · answered by Bostonian In MO 7 · 3⤊ 0⤋
Yes it would be legal - Congress can do whatever they want to with social security rules. I can't imagine that it would be abolished, since congress members would figure they wouldn't get re-elected, but something has to change as the population shifts and there are more retirees compared to the number of people working, and retirees live longer than they used to. Will it be means-tested in some way? Will benefit increases be restricted? Will retirement age be raised? I'd guess all these will happen.
2007-10-29 15:37:08 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
In order, the answers are as follows:
It might be.
Nothing.
2007-10-29 14:51:15 · answer #3 · answered by Anonymous · 0⤊ 0⤋