Recent studies show that over 50% of people in Generation X believe there will be no Social Security, and an even higher percentage of those who are younger have no faith in Social Security. So, what do you think will be the status of Social Security when you retire? Some project that the funds will be exhausted in as few as 15 years, others are more optimistic and think we can stay on our present course and not deplete the funds until 2040 or beyond.
Personally, I’m not betting on receiving any benefits. If I do, hey that’s great, but I wouldn’t be surprised if there was nothing there for me. At the same time, I do think that Social Security won’t just go away. It may not exist as we know it today, but there is more to Social Security than just receiving a monthly check once you reach retirement. Our Social Security taxes fund everything from retirement income benefits to disability and survivor benefits. I can’t imagine we would end up having no social welfare system at all, but I don’t think the amount of benefits paid out will resemble the current system.
I don’t have the answer, and I have no idea how the issue will eventually be addressed, but it would be interesting to hear how others feel about the system and what you expect out of it.
Author: Jeremy Vohwinkle
My name is Jeremy Vohwinkle, and I’ve spent a number of years working in the finance industry providing financial advice to regular investors and those participating in employer-sponsored retirement plans.