One of my volunteer jobs is to secure speakers for meetings of two retiree clubs. At one of the meetings this week, I had a speaker from Social Security. He was a great speaker and brought some interesting information.
Most people think they pay into Social Security and their money is put into a trust fund for them. Not so. The money paid today by workers is used to pay for the current recipients. The idea is that when said workers retire, someone will be there to pay for their benefits. But, there is a problem.
When Social Security began, it was never intended to be a retirement plan. It was intended to be a supplement to retirement. In those days, five workers supported one recipient. Now there are two trying to support one. If it gets to one to one, that worker is going to be a busy beaver.
Our speaker pointed out that the Social Disability Fund will not be able to support the payments in 2016 and by 2032, the general fund will fail. He pointed out that in the county where I live, the monthly payed out amount is $50,000,000. This county only has about 216,000 people. I don’t think I’m getting my fair share.
Solutions to the problems range from benefit cuts to higher taxes.
If they go with benefit cuts, I’m going to personally look for another worker to support me.
PMO
©2015
No comments:
Post a Comment