What is Being Done To Fix The Social Security System?

You are hearing it over and over again, the social security system is in trouble. But what is being done about it? Will there benefits for you when you retire?

Why is the Social Security System in Trouble?

The system is in trouble because the number of people retiring and taking money is outweighing the number of workers paying into the system. Another issue is that when it first started in the 1930′s, people were not living as long so they were not making withdrawals for as many years. People are now living longer so they need to make those withdrawals for many more years than originally anticipated.

Is There Anything Being Done to Fix Social Security?

There is actually very little being done about the problems with the system. There is a lot of talk going in politically, but there is no solution yet. Some of the ideas being discussed are privatization and raising taxes. There is also talk about changing the formula used to calculate the growth in benefits.

What Is Going to Happen Down the Road for Retirees?

At this point the general idea is that the government will not let Social Security run out altogether, but it is being changed from what it once was. They have raised the age of eligibility for full benefits from age 65 to age 67 for those born in 1960 or later. There will also most likely be a reduction in benefits and more increases to the age of eligibility.

Social Security was not designed to provide the majority of a retirees income, but unfortunately a large number of seniors rely on it completely. Since senior citizens make up a huge percentage of the voting public, many politicians are shying away from the issue fearing it will hurt their chances of being elected.

Related posts

1. Is Social Security Going Up Next Year?
2. Will The Social Security Issue Affect People Who Are Currently Retired?
3. How Long Must A person Work To Become Eligible For Social Security?
4. Does Social Security cover retirees only?
5. What Happens With Our Social Security If My Spouse Or I Die?

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