Do u think by the time our generation retires at the age of 65 or so Social Security will be there for us?
405682
No. I think the government and the retired folk's are screwing us. I think we need to set up a new system...
1094768
The crazy truth about social security is that it's not a savings plan for your future. Everything that is deducted from your paycheck now is used to make social security payments to those currently receving benefits. We are paying for the benefits of the previous generation and the next generation will be paying for ours. However, everyone agrees that this is an unsustainable model and that the program will most likely go bust in the next few decades. Although I am not a big fan of Bush, he did attempt to pass legislation that would allow people making payments into a retirement plan to forego paying social security taxes. This idea was shot down pretty quickly...
284351
The baby boomer generation reaching retirement will drastically change the overall look of the US.  As they have with every station in life they have reached. (ie... Education, Housing, Childcare, Employment) So... if you look at what is required NOW by seniors... believe that these industries will EXPLODE in the next 5-10 years as the Baby Boomers reach full retirement.\n\nWe also have to keep in mind that as we grow older, we are also now living longer... many of these "boomers" are still quite active and are looking for change.  Given that the majority of them will be able to collect social securtiy at age 65-68... many may be looking for part-time supplimental income, travel, housing, health and wellness, recreational activities.\n\nAs a society we should be prepared for the change that will occur when the over 60 become the majority population.  Many believe that this generation will bankrupt social security and put a tremendous strain on our health care system.\n\nPersonally, I am working to finance my own retirement.  I wouldn't want to get caught unprepared as so many of todays baby boomers are. (many have counted on large pensions from companies they have worked for for years...many such companies are not able to afford such pensions.)\n\nI love reading on this subject and there are some wonderful ideas and philosophies out there... contact me through my 360 page if you would like more info or to discuss this further.
88727
Social Security, I pay hundreds and some pay thousands to people who didn't plan for retirement that we will never see again.  In 2018, according to the numbers, SS will be giving more out than it is taking in.  I don't know about you, but I'm bitter that I'm paying someone else and won't be paid back.  That's why I'm saving in a 401(k).  I know that money won't be there for me when it's my turn.
121220
No, alot of older conservitives don't want social security messed with, It really is a bad idea to invest in a stock market with its ups and downs. There must be an answer between that and the way it is going.
222619
Thats probably cutting it close, however if you can pull it off, then you aren't too old.  Id say retirement age is definitely too old.
972936
that is a very interesting question. i had to put some real thought into that one. but to be honest i would have to say yes that i would like to know. i invest 20% of my income to save for my old age. i have no children to leave any assets to. so if i knew i was going to die before the age of retirement i would know to quit putting money in the 401k plan at work. and it would give me time to sell my more valuable personal posessions rather than have them become the property of the government or some greedy relative that i have never liked. and also to do the things that i have always wanted to do like take a few weeks on a luxury cruise ship and go on a gambling spree in las vegas. and buy a dodge viper just to see how many sets of tires i can burn off in a week. and i am still fairly young, in my late 30s. so i have never made any burial arrangements for myself yet. but i could have a tragedy and die at any time, even if i knew i was going to pass away next week it would give me time to make some arrangements rather than put my parents through it.
382642
The systems set up in the 30's and 40's weren't designed to handle today's strain.  Retirement and Social Security have been and are being abused.  The were designed as temporary relief during and after the depression and not for every single man and woman who was no longer able to work.  During that period of history it was expected that when your father could no longer work because of age or illness you were to take him in and support him with your income.  Non-physical job holders (white collar) like lawyers and doctors often worked until death as the physical toll is supposedly not as great as say an iron worker or a lumber yardsman.  During the depression that tried and true system of people not forsaking their families was no longer working.  Retirement plans offered new job openings as well as security for those workers who could no longer work as efficiently as in the past.  Social Security relieved the burden of the young working families having to support parents who could no longer support themselves or other younger family members who had a disability or had been injured.  Today it is abused.  It is expected that everyone fend for themselves in a dog eat dog world.  Nuclear families are the trend and few take in the parents after retirement.  (Few parents want to be taken in due to this radical change in national mentality)  Disability and unemployment programs (such as welfare) were never designed to endure this much draw into its funds.  The idea was that if you needed federal assistance to live humanly, you did everything in your power to get back off.  Unfortunately too many people do not subscribe to this idea. (Although there are many, many recipients of welfare that do want to get off and eventually succeed in doing so, it only takes one rotten apple to ruin the barrel.)  So there you have it.  Programs that are antiquated in a world where things are constantly evolving = near utter failure of "how things should be"
565662
Considering that a lot of people are retiring on a social security check that won't support them in the US, my guess is that a lot of people will be asking that question. The Mexicans can move up here and all the old folks can bring the US down there.
1135858
same as everyone else.  Social security and if they want some kind of 401K or retirement plan offered by their university.
992598
ric should be getting mircle ear,  social security and living in an old folks home.  retire!!!!!
1061057
In 10 years the markets will likely start to crash.  No kidding.   This is due to the 1974 ERISA act which transferred the onus of retirement from companies through defined benefit programs such as pensions to defined contribution programs such as 401(k).   The issue though is that while distributions can be taken from a 401(k) at age 59.5, distributions are REQUIRED to be taken from age 70.5.   The first of the baby boomer generation will be turning 70.5 around 2016 meaning they will be required to start selling holdings in their 401(k) plans to meet this requirement.   As more baby boomers hit that age, more will have to sell.  All of this selling without buying stepping in will cause the market to flop.    But wait...it gets worse.\n\nMost baby boomers are not properly prepared for retirement anyway.   Some think they will be because of the money they have in their 401(k) plan except as the stock market drops, the value of their holdings in the plan drops and may no longer be enough to sustain them in retirement.   As a result, they will find they have to cut back on many of the things they were used to for their lives like new cars, dining out, vacations and designer clothes.   Cutting back on all these things will cut into all of those businesses resulting in slowing sales and profit growth causing their stocks to go down even more.   \n\nNow if all of that sounds fun (and unfortunately very likely), then lets factor in what happens when the US government runs up the deficit to try and maintain entitlement spending programs like Medicare and Social Security which are trillion dollar liabilities.   Medicare makes Social Security look like a small problem.   The point is that nearly all of the tax collected by the IRS goes to pay the debt on the deficit, that's just sad.   So as our debt runs up, interest rates have to rise in order to continue to attract foreign capital to our debt to finance our spending.   Rising interest rates again will slow the economy making it harder for business to expand and borrow for capital spending and as such again the stock markets will plumet.\n\nStill having fun?  How about this...    Paper money used to be certificates that represented the equivalent value of gold.   This was called the gold standard.  Basically it meant that paper money had value, the value of gold that backed it up.   Under Nixon the US went off the gold standard and paper money became basically worthless.  Now it doesn't represent anything.   Inflation eats away at a dollar to the extent that between that and taxes, people who put their money in the bank and save are actually losing money.  Don't believe me?  Check this out.   If you're getting 4.5% in your savings account and inflation is currently coming in at about 4.0% for 2006.   So you're making .5% right?  Wrong.  Don't forget that you have to pay taxes on interest income of the 4.5% which will amount to roughly 1.5% (about 30% tax rate).   So between inflation and taxes, you're actually losing 1% per year.   Of course this goes on assumptions of inflation rate (which could go higher or a little lower) and savings rate (which current is running around 4.5%) but the point is that all the people saving will in the next 10-15 years find that their money is worth a lot less than when they put it in the bank.   This again will cause hardship for people.\n\nI hate to have the bad attitude here, I hope this stuff doesn't come to pass but we're on the train and this is where the track is headed.   Hopefully we'll have the sense to stop the train before we get to that point, but its unlikely.
149662
I believe it is Social Security.
1157588
I believe they would if they had to live off the very little given in social security...  But they don't worry about it, as they will never have to live off of the little over $600 a month (way below poverty level)...\n\nAlthough, people today use SS as a way to retire, when it was originally designed to help penioners back when it was created.  It wasn't meant as a sole income...
328519
Retire from what ? I am an Indian. In India the general retirement age from service is around 60 years for both men and women.\nBut there is no retirement age from your social commitment and duties. And I think it is valid for anyone in any country.
1069872
Social Security - it will be able to meet all of its obligations through the year 2042. The whole idea that Social Security needs ‘reform’ is nothing but hype...  I am very happy that grassroots activism influenced public opinion enough to stop Alan Greenspan, Bush and the Democrats from throwing future senior citizens to the wolves with their stupid privatization, Wall St. benefitting plan.\n\nLong live Social Security, a great acheivement for all Americans!
500323
usa maybe in the next  roughly 40, 50 years?