I have heard from several unsubstantiated sources that social security will not be available for persons born after 1982. I am inclined to be skeptical, and have been searching for a definitive answer to this question. However, am finding absolutely nothing. Can somebody confirm, and maybe give me a link or other resource so I can read further?
Also, these same persons claim that it is possible to refuse to pay any further social security since young persons are ineligible to receive it anyhow. If that's the case, I would be thrilled to refuse to pay into this program any more. Any ideas on how to decline to pay anymore?
Sublime_Savvy2008-10-17T05:22:22Z
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it's probable that is true...
I'm 28, and my social security statement says that by 2041 (when I'm supposed to get SS) they can only afford to pay me 74% of the benefits that I've paid into. Which means, I'm already out 26% of the money that I put into it.
When you turn 25, you'll start getting your statements of what your expected benefits will be and it will tell you how much you'll get...
In 2042 Social Security will be paying out more than it takes in. So in fact it will be bankrupt. A few things are going to happen.
1) The age you start collecting is raised to the 70s. 2) The Social Security tax is raised 3) The government starts investing your money so it earns interest and is available to you in the future. 4) The government starts reaching into the Nation Budget to pay for it. 5) It fails and closes up.
Politician know they will be voted out if option 5 happens. Be ready for option 1 and 2.
It is possible. That is why you and everybody else should think of other retirement alternatives...Social Security was created to assist and provide for those in need, NEVER as a means to live. Research private retirement plans. You are young enough that you can start something to support you through the hard years... I congratulate your concern.
Ive not heard anything of the sort,there is always a posibility but unlikely Ive heard people make statements like there wont be any sosial security by the time we get old enough to get it,but it is just talk
If your so worried about getting your handout, and are at least 26 years old, move to Canada. They have great Socialism and you can be a burden to another society.