well, well, well

[coldweatherfan]

i am a teacher and don't pay into SS and will not get any back. If people are paying in more than they will get back, why is it headed toward being insolvent?

 

Many people who work all of their lives won't get back what they pay in.

 

Soc Sec is moving towards insolvency because. There is a large number of people who are on Soc Sec disability who draw much more than they ever pay in. There are children of deceased parents who draw until they are adults. The shear volume of people on Soc Sec is large because of the baby boomers retiring and no money was kept. It was spent. I'm sure there are other examples.

[94 Camel]

How is it?

 

Due to the fact that there are far more baby boomers that are collecting than Americans paying in, along with the extended life expectancy. It is in the red, and sooner or later, a generation is going to have to pay the bill. Most baby boomers will collect every dime they have paid into the account in adjusted dollars by the time they collect for 3.5 years. At least those were the figures that my Macro teacher gave my class when I was an undergrad. If you are under 30 and relying on social security, you will be in a world of hurt when you get older. Wealth redistribution is occurring due to working people's money going to the retired class. It is not a retirement solution for the young. It is instead a welfare program for the old and disabled.