What are the implications for Americans if the Social Security system is eliminated?
It will probably end up like India with a massive difference between the have's and have nots, but bearing in mind that there is no land left for people to look after themselves then I hope that your criminal and law enforcement system can cope with the rising crime rates that will happen when people beceome more desparate.
On the other hand I also know that in the UK that there are a lot of people on benefits who have no intention of ever working for a living and use the social security benefits as a way of life...
So far it's being said that if you've paid into the system you will stay in the system. It would be something like ....As of today new workers entering the workforce will not be covered, and not paying into the system or receiving benefits. How they would find the money to cover everyone already in that has retired or will be retiring is beyond me. No new money into an already program with massive "missing funds, or appropriated elsewhere" is beyond me. But right now, if you're in it you'll be covered.
Of course, that could be a very bad situation for all Americans, not just the ones that are on Social Security.
In the long haul, many people would be hungry, without homes, theft and vandalism would increase dramatically, as well as nursing home residency, and suicide.
Employees provident fund organization of India has introduced social security number or SSN in order to streamline the entire process of PF withdrawal and transfer.
You will get a unique SSN number like PAN or permanent account number. This will... read more
Well, since the social security system has been predicted to go bankrupt in the next 10-20 years, any repercussions we fear from eliminating it now will just have to be faced in the future anyway.
absolute chaos ...prepare to win, or accept failure - no other choices!
If you do not have your own retirement account set up, outside of the Social Security System you will be destitute. So I suggest if you have not, that you begin saving a portion of your income each month and set it aside for your retirement.
The way the government is spending vs the debt, we are in big trouble. They are already making cuts in the public welfare/aid system and qualifying for any aid if there is any to be had by then will be very difficult. I must assume that only those with children or illegal aliens will get help!
Mr. Hemphill is right.. absolute chaos! I know many seniors in my community alone, who survive SOLELY on social security benefits. They've heard the countless reasons they should have prepared for this, but they didn't.. and for just as many reasons. The fact remains that If they are still around when the system is eliminated, they WILL be out on the streets. Period. They, of course, will not be able to survive street living, so they will die.. and then, I guess the problem of what to do with all of these undeserving old folks will finally be resolved.
It may be eliminated in its present form, but barring complete economic collapse or revolution, there will be something similar.
But, as one politician (I forget who) said (paraphrased): "There will always be Social Security. But what it will buy is the question."
The entire system or just parts of it? Remember that Social Security isn't just about retiement, it also includes disability for those unable to work. The retirement fund is the part we see so often in the news as being on the brink of failure. I would argue that anyone with at least 20 years to retirement should plan on not having SS benefits available. Build your own retirement and then if SS is available, it'll make a nice bonus. Only a young fool would depend on it being there. Take an active role.
Eliminating the disability aspect is unthinkable. In some form it must exist to help those who are unable to support themselves. Imagine going blind suddenly. Think of the time and efort it would take to be able to work again. Social Security disability helps fill that void. For the mentally ill, who have a difficult time maintaining a job, it can be the lifeline to keep them from the streets. So, if SS were eliminated, these services would have to be picked up elsewhere, either federally or at the state level.
by Ralph Deeds4 years ago
http://www.nytimes.com/2013/03/31/opini … ef=opinionSocial Security, Present and FutureBy THE EDITORIAL BOARDPublished: March 30, 2013 6 Comments"In the fight over the federal budget deficit, Social Security...
by N. Ramius8 years ago
I wouldn't pay in and wouldn't collect in retirement. I wish they'd let me do that.
by OLYHOOCH6 years ago
History Lesson on Your Social Security CardJust in case some of you young whippersnappers (and some older ones) didn't know this.It's easy to check out, if you don't believe it. Be sure to show it to your family...
by Petra Vlah5 years ago
Through our working years we all paid for Social Security and Medicare, so why are they considered entitlements when in fact we contributed our own money into the system?
by wordsscriber7 years ago
Can You Get Social Security Benefits If You Retire Abroad?
by SparklingJewel6 years ago
I would be interested to hear opposition to the stated "facts" in this video...Has anyone done an extensive research on the origins of Social Security?http://www.youtube.com/watch?v=V4BjLrTq … r_embedded
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