What if Social Service Pensions Fails before you Retire from Employment?

@incus99 (1083)
Philippines
August 22, 2010 1:52pm CST
There has been several predictions given by economist that US social service will fail on or before 2019... that is why they are flushing in the superannuation or 401K plan to buffer this foreseen economic disaster...In the Philippines, SSS and GSIS is projected fall on or before 2037... The very basic reason for this is that the baby Boomers of 1944 and 1945 shall have collected their pension at this time and peaks spending after 4-5 years from retirement.. causing a virtual void from the middle class tax payers who could not compensate for the aging population... With advances in Medicine, this increases life expectancy thus causing another due drain to the social service funds... By this time, the paying middle class population is not enough to pay off retirees....a variation of 5-6 variation if corruptions in the social services sector remains unchecked... What if this happens to you? What if a week before your retirement, Social Service fails? What if you have heavily relied on retirement pension and suddenly it stops? What are your thoughts on this impending economic disaster?
1 response
@bucklord (349)
• United States
25 Aug 10
I don't rely on it. I have a retirement fund that my employer has to make 100% of the contribution on in accordance with my contract, and I save money every month as well.