Are My Social Security Benefits Safe In This Economy?
Social Security Benefits and the current economy
There are many young people have social security today in the hopes that they get to reap the social security benefits when they retire. These young people would also like to confirm that their social security benefits are safe in this economy. However, economic experts warn that unless something is done to improve the economic system, the social security benefits will be seventy-eight percent of what they are currently. There are many young people who do not see their social security benefits as safe in this economy, as some believe that they will not have social security benefits. The social security system needs to be improved, but it is not badly damaged. Thus, the social security benefits are safe in this economy.
The Social Security Retirement Fund
There is some certainty that social security benefits are safe in this economy, however, there is speculation that the retirement age could be raised to seventy-five years and the benefits cutback. In today’s society, it is seen that people are living longer and retiring sooner, which means that there will be less workers and more retirees, therefore there is more removed from the Social Security Retirement fund than is being added. This could bring about problems with social security, and to a small extent, make the benefits not seem safe at all. When Baby Boomers begin to collect their social security benefits, there will need to be changes made; otherwise the Social Security retirement fund could go broke. In a recent survey, it illustrated that only about one in every six Americans collect Social Security benefits and around seventy percent of these people receive retirement benefits.
All in all, it can be said that to a large extent, those who make social security payments can be assured that their social security will be safe in this economy, so that when they do finally retire, they can receive the social security benefits.