Are the Younger Generation 30 and under prepared to give up Social Security benefits and save on our own?

[BILL]

There will always be social security as long as there is a United States. But the inflation adjusted value of it may decrease, and it is certainly a good idea to have other retirement investments.

[Rocky Mtn High]

I'm 46 and convinced I won't see a dime from SS. Our government has swindled all of us that have paid into SS by spending the SS funds and is swindling several future generations with all the borrowing.

You young people better prepare and stop frivolous spending, it will get uglier.

[Rico]

No. It is not meant to be a pension or retirement, it's a safety net for older people. A country as rich as the United States needs to try harder to make sure that safety net exists for everyone.

[oohhbother]

No.
Social Security is a pay-as-you-go government service - as such it is in financial trouble in this recession the same as all other government offices.

The economy will recover.

The government will return to solvency - provided the temporary tax cuts are not continued. This will include Social Security - which should have the upper limits on withholding raised or removed entirely.

Despite the attempts by Republicans to end it - it is a service Americans provide to their elderly - not an investment. All that talk of replacing it with investment accounts ended pretty fast when the markets tanked in 2008.

[Mr NiceGuy^3]

Meh, people have been freaking out about how SS will collapse any second now for over 20 years.
20 years from now, those people's kids will probably still be freaking out about SS imminent, horrific and instant collapse.

I'm thinking we'll be OK

[Kiran C]

Present system is sustainable but the current level of benefits is unsustainable. On its current track, benefits will pay out at 100% until 2037. After that, the benefit level drops to 75% and no lower as long as FICA is collected.

http://www.angrybearblog.com/2010/08/des...ve-it.html

Anyone who tells you that you will not have a Social Security check in the future, even if you are in your 20s, is lying to you or does not understand the financing or economics behind Social Security.

All generations need to save for retirement. Social Security was never meant to be sole source of retirement funds. Make your financial plans assuming it will not be there but it will . It will provide a margin of safety even to people in the six figures.

[flower]

Well that is commendable that you have all those assets. You may need them if you lose your job, your house, your health, your marriage, your spouse.

It will take an Act of Congress to eliminate Social Security and it cannot work because those who are contributing now are paying for people who are getting benefits now, and many more groups than just retired people. Your employer matches your contributions and that would have to be changed too.

When I started working there were no CDs, 401Ks, IRAs, and no investment vehicles for an individual so I never had any of those. I had to stop working and live on Social Security only. You are very clever to have all those assets.