Why won't there be social security available for me?

Question

I'm in my early 20's and I keep hearing that there will not be any social security for my generation when we get old.

Why is this?

I'm busting my butt and paying into this and I won't even get anything when I get older. How does that work?!
Hopefully the government can come up with something to help my generation.

Answer 1

Keep busting your butt, just think of SS as an additional 8% tax that you pay, but will never see a dime of.

As long as the senior citizens are allowed to vote, nothing will change.

The govt. spends the SS surplus on things like war, education, welfare, etc. and by doing so is leaving a huge hole for people who are now in their 50's.

So, the govt. will have two choices when people like you and I get to 65. Either cut off SS, or go bankrupt supporting it. So what do you think will happen?

Answer 2

There may be money, but it won't be worth much I'm afraid. They are busily inflating the US buck out of existence.

The M3 money supply is estimated a growing by about 14% per year (currently estimated because they stopped publishing this number about a year ago because they don't want people to know the real state of things).

This means that your money is losing real buying power at about that same rate.

Note that you won't get this from the official numbers for inflation because they don't count expenses for food, fuel and possibly other essentials when calculating their statistics.

Answer 3

There may still be Social Security when you get old enough to retire, but why count on it. Start right now, putting in a little from each pay check, toward your own retirement account. It is not taxable until you are old enough to retire. Depend on yourself, for your retirement, then if SS is still there when you retire, you will have a much better income.

Answer 4

The surplus is wasted, and the monies that are invested get bad returns.