Wednesday, December 2, 2009

The Future of Social Security

Posted by Lindsey Connell

As many of us have heard, it is true that Social Security benefits are experiencing financial problems. It is expected that over the next 75 years, there will be a massive and growing shortfall and because people are living longer, the worker to beneficiary ration has decreased from 16-1 in 1950 to 3-1 currently. If Social Security is not increased, there will be higher taxes to pay and benefits for younger employees will have to be cut. The government also will have to eventually pay back all the money it borrowed to provide Social Security, but how can it do that if they are currently looking to borrow more? As a country we now look to our President to fix the mess that we currently have and will have in the future unless corrected. When many people plan on retiring, they factor in receiving Social Security as part of their income but it seems that this reassurance of money is slipping away. People planning for retirement at the early stages of their lives can no longer count on Social Security to be there in the future because it is unknown if there will be enough money left to benefit them by the time they consider retiring.

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