Social Security is going Bankrupt!

I think the problem is that there are not as many people being born, and there is a smaller section of young people or those in the work place paying into social security. Another problem is that there have been other programs included in Social Security. However you cannot say that the people who die and do not have wives and children can up and give it back to Social Security. Some may have relatives or nephews and nieces that they want the money to go to, some may give the money to a charity, to a hospital, etc. I do think that saving money is a good way to go, but like in Canada, you have to have a good paying career or job to save enough and many low income people, just make enough to live from paycheck to paycheck. For them, even saving five cents a week is a problem.

I've been hearing for years that S.S. is close to the brink and that me myself won't be able to even put in a claim when our time comes. Personally, I don't even want to think about that. That 2% is good, but shucks, why save the program if one could?

If you took the money that you put into social security into an investment fund how much money would you have now. and I mean that over the life time that you have been paying social security. I do know that it will be a lot of money in that account. Right now with all the Baby boomers getting to the Age that they collect SS and the work force is smaller now, there is not enough funds going to social security as are being drawn out. Now this is not fact just my oppinion

Well part of the problem is SS started in the hole, they started paying out to people who had not paid in. Then there are us baby boomers, we all had less kids then the previous generations, so more of us will be retiring with less people paying in. And then to add insult to injury, people are living longer so more is being paid out. And as so saving 2% of my salary, well, if I could afford to break even, I would not have to work a 60 hour work week, now would I. And I would not be driving around a 10 year old vehicle.

well i live i canada and all i know about our governments is that canada has always been in debt and that the states has bailed us out of finacial jams many times maybe thats why the states is going bankrupt

I happened to read about this in Robert Kiyosaki's book "Rich Dad Poor Dad". I cant remember the exact words, but he seems to say that SSS will have a hard time supporting elders in the year 2020 because that is the time baby boomers will retire. It may go bankrupt, something like that. What the author was trying to say is that we shouldnt leave our future lives under SSS,and instead make investments while we are still able to do so.

I have heard for a while now that Social Security may be gone in the near future and that is a big concern for those who are working now and for our children. I hope that something can be done to save it but it is not looking good. Hopefully the next president will do something about it as Bush does not seem concerned about it. I know there are some people out there taking advantage of SSI and SSDI. Some people are able to work but prefer staying home collecting disability than having to work. I know that because of what I do for a living. We should try and put money into our savings accounts to help make sure we have money later on. There are more high interest savings accounts now than their used to be so that is what I am doing with my money.

You have to understand how Social Security works. It is not a retirement plan it is a tax. What you pay for is the SS of the people who are collecting it right now. Congress can end the program at any time and you have no right to collect anything. The first person to collect SS paid in about $24 in and collected several thousand dollars over her lifetime. If you set up a program like this the government would have you doing 20 years for fraud. It is called a Ponzi Scheme where the first people who buy into it get paid and later people get nothing. If you read the letter that comes with your SS Statement it tells you that SS is a "Compact" (a Social Agreement) between generations. Once the generation realizes that they are not going to get anything they can pressure Congress to change the law by decreasing the payments or by increasing the age higher.

I am not from US but I read a book written by Robert Kiyosaki and Donald Trump. In one of their chapters they really have predicted that SS is going to be bankrupt and they even were telling it way before all these controversies started but no one listened to them. That is why in the books they are encouraging the middle class to shift and do not depend on social security when you retired. They are encouraging to start you own savings and if you could invest your money so it will truly work for you and not you working for money. They said that middle class is starting to be extinct and soon two class can be identified the rich and the poor. That is why start switching to being rich than slowly going down to being poor in the future.

Actually it's been going broke for a long time. Here's the way I understand the problem: Social Security started out as a fund for orphans and widows. Later, they added elderly ppl into it. Then they added physically disabled ppl into it. Now they have added mentally disabled ppl into it. Now I understand orphans, widows, elderly and physically disabled ppl being on it (btw, the requirements for physically disabled are extremely hard to meet) however the requirements for mentally disabled are very lax. I personally know numerous ppl that are collecting SSI checks that are perfectly capable of working. I'm not saying there are no mentally ill ppl that need it but there are alot that get it as children and young adults and stay on it. Also years ago, if you were deemed mentally ill there were mental hospitals where you went...Reagan closed them. Most of the ppl I know that collect the SSI checks have never paid a dime into Social Security therefore their checks are taken off what someone else who has worked paid in. Also Congress has borrowed against the Social Security system for years. Btw, in case you didn't know, SSI is the check you receive if you haven't paid in or haven't paid in enough and SSA is the check you receive if you've paid in and then have to draw it back out (for disabilities, age, ect.). MERRY CHRISTMAS!! **AT PEACE WITHIN** ~~STAND STRONG IN YOUR BELIEFS~~

I don't know how things work in the US, but I would have thought the social security system was covered by the tax you pay. It is here in Australia. Our social security system will never go bankrupt as long as it isn't privatised. We are very lucky here that families are very well supported by the tax payers. We raise the next generation and receive and allowance for being a parent (only 1 parent gets it)as well as other subsidies. America's government could learn a lot from us!