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What's the future of Social Security?

Do you think that Social Security will be around to pay you when you retire or do you feel the money taken from every paycheck for Social Security just wasted and you will never see it again.

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Answer #1

I’m drawing my little bit now. I think that the future will always allow for the continuance of Social Security (or a replacement system) based upon employment taxes and probably other forms of revenue too.

Answer #2

It depends on what will happen between now and when you retire.

It is predicted that the Social Security surplus will be gone in 2048, at this point it is estimated that Social Security will only be able to pay 74% of its benefits.

Of course a lot could happen between now and 2048. Currently Americans with adjusted gross incomes above $90,000 only pay social security tax on the first $90k. If that cap was raised more money would flow into Social Security. Making Illlegal aliens into citizens who pay into social security would help as well. Some argue that we live so much longer that retirement age should be raised, this too would help. The thing is that since we have almost 40 years to fix the problem we can either make small changes now or wait and have to make large and painful changes later.

Answer #3

I think that there is no future for social security. Save now.

Answer #4

Exactly why I’m in the process of turning myself into a millionaire now. I want to play golf and smoke cigar when I’m retired.

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