Issues

Today’s Social Security fund will run out of money by around 2040. If nothing is done to reform Social Security, it will be broke and unable to pay retirees.
Some Americans are in favor of giving younger workers voluntary personal retirement accounts, known officially as PRA’s.
One problem is that fewer workers are paying toward each retiree.
In 1950, there were 16 workers for every retiree. Today, there are 3.3 workers for every retiree. By the time today’s 20-year-olds retire, that number will drop to 2 workers for every retiree.
Is reform of the Social Security system needed? Why isn’t reform being discussed and legislated?

Social Security Survey

US Government calculations show that Social Security will be paying out more in benefits than it receives in taxes in 2017. Without changes being implemented soon the trust fund will be depleted and benefits will be cut for all recipients around the year 2040.
Millions of federal, state, local government employees, including teachers, are not, and have never been permitted to participate in Social Security. These millions of workers have always had to depend upon personal accounts for their retirement funds. There are plans to permit younger Americans to have an option to safely invest a portion of their payroll taxes in voluntary personal accounts. These workers would own and control these accounts. These accounts would function within the Social Security system.

Key reform principles include:

1. No Changes For Those Over 54 Years Of Age:  Those who are at or near retirement and those already on Social Security will see no changes to their Social Security plans and benefits. They may be pleased and want to see the system strengthened for their children and grandchildren.
2. The US Must Fix Social Security Permanently:  The US must fix Social Security once and for all, so that today’s children and future generations do not face funding and benefit problems.
3. No Increase In Payroll Tax Rates:  Increasing the payroll tax rate would burden workers and harm our economic strength.
4. Voluntary Personal Retirement Accounts Are A Component Of Reform:  These accounts could provide a nest egg to supplement the traditional Social Security benefits.

Considering your situation, what is your opinion regarding these needed changes?