Social Security in America

“Social Security is a simple concept: those employed are forced to contribute to a government managed fund. This fund provides for a subsistence living at retirement. In the U.S., retirees past the age of 67 receive Social Security.

However, there is a catch. The money we invest today is paid to those already retired.  This colossal endeavor can only work if the money deposited into the fund is more or, at a minimum, equal to the money distributed to qualified retirees. Unfortunately, that has not been the case for several years. As a result, a deficit has been in the making.  For starters, it is predicted that the Social Security fund will only last until 2037. That is only 26 years away, long before many current contributors are classified as retirees.

The Social Security trust fund is inadequately sourced. In order to salvage the almost demolished plan, we need to revamp the system. The government needs to either increase Social Security withholding, reduce the distribution of Social Security or possibly take action on both fronts.”

To read the rest of this article, please follow the link below:

http://fiusm.com/2011/01/10/econ-with-neda-social-security-source-is-quickly-depleting/

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About Project L.I.T.

We are Project L.I.T. (Living Informed Together). We want to keep people informed of current global and domestic events. Our goal is to motivate and inspire people to live healthier and more meaningful lives together.
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2 Responses to Social Security in America

  1. DW says:

    I hope they figure it out. It is an important institution.

  2. Based on the way the system is being managed, social security will not last for too long. It’s only a matter of time before all of the funds diminish and the system is gone. It’s unfortunate.

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