Sunday, September 18, 2011

Will there be any Social Security benefits left for us?

The issue of whether the Social Security system can remain a viable retirement system for future retirees is a heated issue amongst the Democrats and Republicans. The Social Security system is in trouble because many more baby boomers are retiring and collecting their benefits than there are working people who are replenishing the system for future retirees. In fact, Social Security is paying out more benefits than are being collected in payroll taxes. The Republicans want to give younger workers the opportunity to invest in alternative retirement plans, but that would further deplete our Social Security system. Shouldn't older people feel confident that when they retire, they will be able to live comfortably after paying into the Social Security system for so many years? This will not happen unless the Democrats and Republicans work together to overhaul the system and ensure that there will be money for not only our grandparents, but our parents and us, too. Shouldn't the issue be not finding alternatives for a few younger workers, but finding a solution so that all workers can benefit from a national retirement system?

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