Tuesday, May 12, 2009

Social Security ...

... to go belly-up sooner than expected?
A year ago, the trustees projected that the Social Security trust fund would start paying out more in benefits than it collects in taxes in 2017 and that the trust fund would be depleted in 2041.
Yah, right around the I was set to retire, go figure. But hey ... guess what?
But many analysts said the worst recession in decades will produce a bleaker forecast for both Social Security and Medicare in the new trustees' report. The downturn has resulted in a loss of 5.7 million payroll jobs since it began in December 2007 and an unemployment rate that hit a 25-year high of 8.9 percent in April.
Ah yes ... by the time I retire Social Security won't be around any longer. Fun stuff! Let's see if we can spend our way out of this one!


Cash Gifting Is Legal said...

The lesson here is that it's up to you to make enough money to live a comfortable life. You can't rely on government.

The party line is that this is unfair. Blaming only gives power to what/whomever you are blaming.

Every person should be 100% responsible for their finanial future. Open up multiple streams of income. Or be at the mercy of government or whatever entity which you depend on for your financial stability in retirement years.


Tom said...

I have no problem being 100% responsible for my financial future, it's something I'm already trying to do. However, as a government employee, part of the understanding is that Social Security is part of my "retirement package". Ergo, I'd be less inclined to bitch about SS going belly-up IF the government didn't take a nice chunk out of my pay to go towards this particular benefit.