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 Carol Thomas has recently retired from the Social Security Administration after 28 years service. If you have any questions about Social Security, please ask. We will use the questions you send for future posts. I will never post anyone's name, or other identifiable information.
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| Will Social Security still exist when I retire? |
Date Add : 12-10-2008
| Views : 627
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Ah, the question everyone loves to debate. It's true that Social Security will soon start paying out more benefits than it receives in contributions, as the bulk of the baby-boom generation phases into retirement.
The government's official position is that there is enough money saved to pay benefits at the currently scheduled amounts until 2041. The Social Security Administration admits on its Web site that benefits will likely be reduced after that, barring changes that improve the financial strength of the system.
Some critics say that benefits could be at risk as early as 2016 or 2017, when Social Security cash flow turns negative. They claim that since the money paid in over the last few decades is part of the government's overall budget, it is available only on paper; other branches of the government have spent it and left IOUs. In order to pay benefits through 2041, the government would have to borrow.
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DISCLAIMER -
You should consult with your local Social Security Office before acting upon any information received as a response to your question on "Social Security Advisor".
"Social Security Advisor" is intended to provide accurate and authoritative information with regard to the subject matter covered. It is offered with the understanding that neither the publisher nor the author is engaged in rendering legal, accounting, investment or other professional advice or services.
Information obtained from RetirementCommunity.com, including e-mail responses from "Social Security Advisor" should be considered as general educational information. You must never rely upon the advice given here. Your individual situation may not fit the generalizations discussed. Only your local Social Security office can evaluate your individual situation and give you advice.
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