No Social Security for Baby-Boomers

In the blog post, Our View on retirement income: Afraid Social Security won't be there for you? It will by Carls Bright Corner, I believe him to be incorrect and uninformed.

For the first time in nearly 30 years, the system will pay out more benefits than it receives in payroll taxes both this year and next. The only way to fix this problem would be one of three reasons or a combination:

• Social Security contributions will go up.

• Social Security payments will go down.

• Retirement age will be increased.

So why is Social Security in the red? Well one would be that people are living longer, meaning more people to pay out to. Another reason, and perhaps the main reason is the way the government handles our money once it reaches Social Security hands. Once you spend your hard earned money on Social Security, the government takes it and spends it. A few examples would be:

• Debt reduction
• Welfare
• Military
• Government salaries
  

Did you know that when Social Security was enacted, the average life expectancy for a male in the United States was 62? That's why the payouts started at age 65. Also, most of the eligible recipients were males most didn't live long enough to collect a single payment. The ones that did only lasted a few years on average. So in contrast, the reasons it was started by the Reagan administration weren't completely truthful, and now that it's broke, our generation may never see it.