Should I plan on any Social Security savings being available when it is time for me to retire?
I am 38 years old and do not plan on retiring until at least 65.
There will likely be something called Social Security when you retire. What the system does will likely be very different from what it does today. We can't afford to keep the same definition.
The system today pays-out more than it collects. The difference is picked-up by the Trust Fund which is heading for exhaustion. CBO says it will be roughly 2029. SSA forecasts roughly 2034.
The degree of change will be dictated by voters today. Are they paying attention. In the most recent GOP debate there were 35,000 words. Social Security was mentioned 6 times between two candidates. So the issue isn't very important today.
If you are interested in reform, our site provides one stop shopping for people interested in reform. We aren't telling you want to do, only what the public options are.
| 09.26.15 @ 16:24
Hi Erin, as suggested, some form of Social Security will be around. Remember social security serves as a social safety net, replacing only a portion of your full time earnings- 30%. So a plan to address the 70% is wise.
Darius | 02.07.16 @ 01:36