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If Social Security is unavailable in the future, what will the citizens aged 65

  1. whonunuwho profile image78
    whonunuwhoposted 5 years ago

    If Social Security is unavailable in the future, what will the citizens aged 65 or older, do?

    Social security is estimated to keep 40%of Americans aged 65 or older our of poverty. What will happen if it is no longer available for its deserving recipients?

  2. LandmarkWealth profile image81
    LandmarkWealthposted 5 years ago

    Social Security is not going to be unavailable.  The benefits need to be altered do to serious actuarial problems.  Possibly altering the age in which you collect.  Or returning it to the way it was originally designed as an individual account.  But it will not dissapear altogether. It is highly probable the age to collect will be adjusted up for full benefits, which currently start at 66 for younger workers.   When the plan was designed the average life expectancy was only a couple of years beyond the full benefit date.  The plan was never to pay people 25-30 years of benefits.  That is a recipe for disaster with a retirement fund that has no capital investments.  It is mathamatically impossible to keep up with inflation.  Even with the proper investments, well run pensions are having similiar actuarial problems with life expectancies increasing. 

    The most important thing for future retirees to do is focus on other forms of retirement planning and try and save at least 10% of their gross income per annum.  Preferably in tax sheltered sources.  SS was never designed to retire on as a primary income source.  It was to supplement your retirement.  It is the citizens responsibility to cover the majority of their retirement planning needs.  The sooner you start the more powerful the effects of compounding tax deferred growth will be.

  3. lburmaster profile image83
    lburmasterposted 5 years ago

    It's interesting that you say if. I have already accepted social security will not be there for me. Which means I need to save more now. A lot of people won't plan ahead and the government will have to create a new program.

    1. whonunuwho profile image78
      whonunuwhoposted 5 years agoin reply to this

      I really do not expect all social security benefits to disappear. I hope that for the younger folks they will still have a back up. whonu

  4. duffsmom profile image59
    duffsmomposted 5 years ago

    If that were to happen, I think it may be necessary to return to the Extended Family model where generations reside together.  The current model of the Nuclear Family has gotten away from caring for our elderly.

  5. teaches12345 profile image96
    teaches12345posted 5 years ago

    I posed this question last night in our college classroom and many stated that the communal family would once again appear.  It would be impossible for some seniors to live without the support of their children.  Sadly, the nation is slowly realizing this, but it also gives us the opportunity to plan for the future for ourselves and parents.