Who's going to pay for the Baby Boomer's Social Security if young people can't?

[TheTerminatorFan]

93% of the people here, have good-paying full-time jobs. IGNORE the news people.

[Daisy]

Social security is paid back to those who have put into it via paycheck deductions. If the coming generations aren't paying in, they won't be getting it back.
If there is not enough money to pay me back the money they took from me every week for the last 52 years....it's the governments duty to pay back what they squandered of MY money.

[Cal Picklehead]

It is my understanding that the Social Security fund is solvent until 2042. By then, even the youngest baby boomers will be in their late 70s. So I don't see many baby boomers being affected. In the meantime, the politicians should get off their butts and do something about raising the retirement age to at least 70, possible 72 or 75.

[flower]

Whatever jobs they do find they still pay SS taxes and seniors who are working and collecting Social Security still pay those taxes. It just requires more of them to pay for the current seniors benefits. The solution is to end all benefits except those for seniors who actually have paid into the fund for 40 years. End the SSI program and all the other SS benefits except for elderly.

[Snuffbox]

You don't need to worry about the boomers, just make sure you save something for yourself, and not be reliant on Social Security. The funds for Social Security and SSI are available until about the year 2040. By that time most the boomers will be long gone. If Congress will leave it alone and repay what they "borrowed" Social Security will last longer.

It is sad to see my peers think they are getting back what they paid in. It is just not true. The government takes your small deposit and buys Treasury Bonds and notes. Which may or may not be all that wise. The Social Security system is primarily a pay-as-you-go system, meaning that payments to current retirees come from current payments into the system.

Remember also about half the people receiving Social Security never paid a dime in to the system. So how is it you justify your spouse getting money back when said spouse never paid in?

[Dede H]

We were not making much money at all when we started out. Minimum wage was $1.65 an hour, I remember thinking that if I ever made $100.00 a week I would be rich and have a savings too. We paid into our own social security each paycheck. This money was supposed to be held in a trust account until such time as we retired. The youngsters don't pay our social security we earned it. If other entities in our government had not taken liberties by diverting our Social Security funds to other uses I feel the system would be self sustaining and the youngsters will receive their own social security based on the deductions taken our of their paychecks throughout their lives, it is not a handout or welfare. We get the amount we deserve based on our own contributions, if you contribute very little then that is what you receive when you retire.

[sophieb]

I think a person would have to take into consideration that when we were last working our income wasn't that great and today people are earning $45,000 to $65,000 and more a year in the computer field and lots of them are working. Plus there are entertainers making great money, and there are 11 new millionnaires who are congressmen to add to those who already are millionnaires. And there are lottery winners. And the government is hoping the economy will improve soon and with more jobs (like in the Dakotas) should start to look up in the years in the future.

[Marilyn T]

We have already pre paid our way. Sorry don't know what will happen when you get old enough to collect SS. There could possibly be a new system in place by that time , who knows.
What I don't understand is why everyone rags on senior citizens and not on big corporations who are not paying their share of income taxes. If they paid what they should then we would all be in the black.
They get away with literally murder by having off shore accounts.

[Kai]

Well, that's one of the things being written about--how the next generation may not be able to retire unless they themselves save enough money on their own, they won't be able to rely on the government for retirement help. And if all these young people would quit feeling the had to buy the latest Apple produces as soon as they came out, they could save a whole lot of money and put all that money towards retirement instead; or all those handbags the girls seem to "need" (and I find so ugly) or all those shoes. etc. It's a matter of getting your priorities straight.

[Count de Money]

Wait until we start paying SSI to all the new citizens Obama wants to create. You ain't seen nothing yet!.