Reply #12: Don't count on it, bud... [View All]

[Stoker]

It's been known for years that SS is going broke. You might be close enough to retirement that you might get some SS payments, but my guess is most people won't. Most people won't get nearly as much money OUT of SS as you put into it. As soon as people figure that out, they are going to start looking real hard at that Social Security tax they pay every week and wonder, "Gee, if I'm paying this money for my retirement, why aren't I going to actually get this money when I retire?" Answer: You are paying for other people's retirement, not your own.

Best bet? Save, save, save. Save for your own retirement. Don't count on SS. There's just not enough money in the program for everyone. They are going to start trimming the benefits and raising the collection age to compensate for it. My guess is SS will collapse within my lifetime. When people figure out that they've paid for 50 years and aren't getting squat back, there's going to be a revolution of some kind.

Stoker