FROM CNN's Jack Cafferty:
For the first time ever 60 percent of American workers don't think they will get any Social Security when they retire.
A USA Today/Gallup Poll shows six in 10 Americans who haven't retired yet say there will be nothing for them when they stop working.
That's the most pessimistic outlook since the question was first asked more than 20 years ago.
Younger Americans are least likely to believe they'll one day get Social Security... while those older than 55 are confident they will get benefits.
A majority of retired Americans think their benefits will be cut. Which is especially troubling when you consider that 54 percent of retirees say Social Security is their major source of income - more than any other single source.
Our government has yet another crisis on its hands, one that's been coming down the tracks in plain sight for years - yet it's not being dealt with.
Already this year Social Security will pay out more in benefits than it collects in contributions. Plus there's the whole issue of the "trust fund"... which is filled with nothing more than IOUs.
Social Security monies that are collected are siphoned off into the general treasury and spent on other things.
With a high unemployment rate, people retiring earlier than expected… and more and more baby boomers getting ready to retire, something's gotta give.
Is anybody listening?
Here’s my question to you: Do you think Social Security will be there for you?
Interested to know which ones made it on air?
Cy in Arlington, Virginia writes:
I'm 55 and I think there will be SOME money for me in 8 or 11 years. What I am really depressed about is the reality that I and many, many more Americans will probably need to work until we die, even with Social Security, AND, hardly anybody wants to hire old people. We are more expensive to insure and younger managers sometimes feel threatened by people who are more experienced, and possibly smarter, than they are.
Beverly in New York writes:
Sadly, Jack, I do not believe Social Security will be around when I retire. No matter what the annual report I get from Social Security says. I am maxing out on my 401K and contributing annually to my IRA, and saving like a miser to insure my retirement. Being born on the wrong end of the baby boom (1963,) I've already seen my retirement age go from 65 to 67, probably 70 if the government doesn't get its act together.
Rus in St. Paul, Minnesota writes:
Jack, I'm 32, and I've been paying into Social Security for 17 years now, and I'm planning to never see a dime back from it. No politician is interested in fixing a problem for folks 30 years from now. What do they care? They won't be up for re-election in 2040 most likely. To do the right thing now will cost them votes.
Becky in Indiana writes:
By the time I reach my retirement age of 69 and 7 months, I am sure there will not be any Social Security left for me and my husband nor will we have any retirement because we had to live off it while being both unemployed over 18 months in past 2.5 years. So now we will become a burden to our children or work until my last breath.
Ron in Indiana writes:
Bad news, Jack, the elite have stolen all the gold from Fort Knox, taken every dime from Social Security, stripped the equity from our homes and now they are coming after our retirement funds. I am 44 and will have to work until I am 102 just so I don't starve to death.
Ryan in Texas writes:
Hi Jack. I hope so, but the fact is we have to plan like it won't be. Hope doesn't pay medical bills.
Are you kidding? Even if it is, the small amount I would be getting will just about cover my beer allowance for the month.
I'm fortunate. I'm already drawing SS. As for my children ? Probably not ! By the time they are 75........which is probably where the threshold will be for them; there will be no money left.
It might be. It just depends on whether we reverse the Bush tax cuts, end the Iraq and Afghanistan wars, cut military spending, introduce new consumption taxes on alcohol, gas, etc. etc. If a society is willing to contribute to social programs, the social programs can succeed. Which is why I'm paying close attention to my IRA...
Personally, I have 9 months left, to work, and I am fairly certain Medicare will erode to worthless, (in spite of all those years of paying those taxes), and that SS will fall far short of even basic subsistence.
That means, my meager retirement fund will have to pick up the difference, and I have to use most of my disposable funds to buy private health insurance, to be sure I, and my wife, can get minimal care, in our retirement.
My house and personal possessions, will have to provide the next largest asset fund, and if I am lucky, maybe I can have at least 12 yrs. of retirement. Maybe. That is the average longevity anyway. if I happen to last longer, I will likely be unlikely to survive, financially.
Just as well. Better to make your own decision, about when to check out.
Yet, I think I will be much better off, than a lot of my peers, many of whom have no separate retirement funds at all.
Yes. And we wouldn't have to worry about it if 2 things happen: raise the income cap on contributions and put the fund in a lockbox. It was doing fine until politicians deemed it their own, personal, petty cash box.
No I do not Jack!
I am 25 years of age and I am smart enough to know Social Security will not be there when I get to that age. Therefore I have started my 401k and hope that will be there when I am ready to retire.
Thanks Jack if you read my comment on air
No. I have 9 years left before retirement. I have already told my daughter that she is my social security.
I hope so. With cd rates at 1.15% a person would need around $1.65 MILLION in the bank to get $18,000 a year in interest. That works out to around $40,000 a year in savings. For Jack and Wolf that isn't much but for most people that is a lot of money to tuck away each and every year.
I'm on Social Security Disability but my children will never see any benefits unless the way we fund entitlements is changed. I know people really scream about taxes but unless we begin to tax the way they do in most European countries Americans will just have to without anything.
Social Security? The way things are going; I dont think this country will be around for me when I retire.
Probably not given how much money we are wasting on 2 wars, foreign aid to almost every nation on earth, Homeland Security gone wild, defense contracts that even the defense department doesn't want, gigantic tax breaks and bailouts to large corporations and god only knows how much Congressional pork.
Jack: Yes, my social security is great. If both paries had not robbed the social security trust fund for years there would be no insolvency, now. Social Security has worked for over 70 years, but the Republicans who just say no; want to kill it. See Jack, Social Security was not their idea; therefore, they want to kill it. Look at what President George W. Bush wanted to do. AARP has made 8 recommendations to fix social security for the next 100 years or so. I recommend Congress read the recommendations.
Yes! Of course, unless the Republicans get a hold of it.
Yep, just as long as there's no ink shortage!
Yes, I do. It is the politicians who deserve your skepticism, not the good faith of the U.S. government as a whole. The fact is that contributions to the Social Security Trust Fund exceed what is needed to make benefit payments, and those excess contributions are invested in securities issued by the federal government. By means of those securities, the U.S. government incurred obligations to the Social Security system and has passed laws obligating itself to honor and repay those obligations. If you don't have faith in securities issued by the U.S. government (call them IOUs if you like), then what DO you have faith in? I have complete faith that a formula can be derived for making the system continue to work, whether that be by re-calculating the benefit-to-account-balance ratio, raising the retirement age, raising the tax or (more likely) a combination thereof. And if all those guys in Washington want to say they can't do it, then we should get rid of THEM, not Social Security, and elect people who CAN.
Not as long as our politicians keep using it for a glorrified slush fund.
No, I am 58 and do not expect ever to collect any of all the money I put in during my career. My father predicted to me as a child this would happen and I have not expected it since high school.
Nothing will be there for me when I hit 65. That's 22 years away. The limit will be raised to 70 in 10 years, and then 80 in 15 years. Meanwhile I will continue to pay a monthly stipend to retired millionaires.
I worked from the time I was 16, paid into social security...I had to retire when I was 61 because I was worn out and developing health problems....I took early social security at 62. It wasn't much but thank goodness it was there.....I am 67 now and may not make it to 70. Once Social Security was put into the general fund, it has been used for all kind of expenditures/ not held in trust for the people that paid into social security.... The congress really doesn;t care. Their federal retirement is seperate and congress and the federal employees do not pay into social security....If federal retirement runs short they just take it out of our tax money....
We have a self serving congress , corrupt bureacrats and an administration that is concerned with pleasing special interersts and foriegn governments....and the only answer they have to our overwhelming money problem is raising the social security age to 70...
What is scary, most Americans don't make enough money to save for a livable retirement. Many of us today like myself retired with a modest pension that over time has eroded due to inflation. Our Social Security income is spent for food, clothing, shelter, healthcare, etc, most of which goes to the pockets of business.
Social Security will be there as long as there is a business lobby in Washington. They won't let that source of trillions get away, no way Jose.
Republicans opposed Social Security from the beginning. They couldn't prevent it in Roosevelt's time. There is no public support for getting rid of it now. With baby boomers boosting the numbers in the future, they'll pedal privatization a long time without any buyers.
Oh man, if it's not, I'm dead.
No. Or if it still exists, it'll be scaled way back and have impossibly high age requirements to collect.
Social Security and Medicare can only be saved if they eliminate the cap on the payroll tax. If they do that, all the economists say that Social Security and Medicare will be solvent for the foreseeable future.
But Congress would rather have old people go back to eating dog food than have the wealthy pay their fair share of taxes, so I'm not optimistic.
I'm only 27. At my age there are three things that are certain. Death, taxes, and no social security. But at least I'm young enough to have my retirement plan account for our government's inability to do anything right.
Yes. I know how the government works.
IF you think its not going to be there, you must have slept through civics or government.
The entire economy is changing before our eyes. As the nation grows poorer, I expect there will be means testing on Social Security. Prepare to lower your standard of living long term. There is no Reagan out there anymore to save us from this version of Jimmy Carter. Also expect higher inflation, long term unemployed, misemployed and underemployed people. I am from South Brunswick, NJ.
I doubt our Politicians going to stay without it. So I am not worrying about it.
I'm 28...and the answer is no. $100's of 1000's of my hard work gone, all to keep a few senators and congress members in office.
Probably not. And the money I was saving for my retirement got raided first by Enron, then others on Wall Street. My retirement plan is now to work until I drop and then get the right pills and a really good bottle of wine.
with obama and crew i hope we have a country left
i've got about 20 years before i will be eligible for this and i don't believe that people filing for this in 10 years could rely on it. if, and this is a big IF, SS were still available when i get to that age, but it is funded through more debt to future generations, then i'd rather not have anything to do with it. the moment we allowed politicians to dip into this fund to pay for their 'projects' we set into motion its collapse. today social secutiry is funded by IOUs that are worth little b/c of the stagering debt the country owes. do i believe SS will still be around when i retire? i'm hoping that i won't be around to find out.
I'm 23. I could care less about Social Security handouts, an outdated big government entitlement program. I plan on working hard in the private sector so that I can take care of myself and rely on myself (even if I just get by, which is likely) and not ever take a dime of the government's money. I want to pay taxes for road repair and public works infrastructure projects. Not handouts. Nobody would need social security if we brought all the troops home, secured the borders, severed tied with China (spending, selling and borrowing) and cut taxes across the board. If Americans invested in each other and took an isolationist stance towards the rest of the world, we'd be back on track towards pride and prosperity.
It is now, but for those who follow, if the government doesn't keep their hands out of the pot,it won't be there.
I'am 59 years old now, I paid in all my life. All I can say is it better be, or our government will have a major class action law suit. If it's not their when it's time to collect, than pay me back all the money you took out of my checks all those years. Here is a great idea, keep your thieving greedy paws out of our Social Security, and better yet, pay back all the money you thieving bastards have stolen from the program, sorry, this is the way I feel about most of our self serving scum bags in office. Why don't most of our worthless governemnt elects try living off of Social Security.
It has been made clear that our Government has no intention of managing the Social Security trust fund in a responsible manner. It is little more than a slit purse they steal from and we have been told, in round about fashion, not to expect it when the current working generation comes of age to need it.
One more reason to FIRE THEM ALL.
Bad news Jack, the elite have stolen all the gold from Fort Knox, taken every dime from Social Security, stripped the equity from our homes and now they are coming after our retirement funds. I am 44 and will have to work until I am 102 just so I don't starve to death.
I am 57 now and cannot start collecting till I am 62 and the answer is no. We have spent all the money on loosing 2 wars and spending our great nation on b.s where we should have been taking care of our people here.
Yes, unless the U. S. defaults on it's Treasury Bonds. According to the Social Security Fund Trustees, even if nothing is done, we would still receive 75% of our benefits.
nope anyone who does believes pig's will fly some day
Well Jack, I aint holding my breath.
I hope so, but the fact is we have to plan like it won't be. Hope doesn't pay medical bills.
If I don't get the benefits, I will get a personal account based on those benefits, so the answer is yes – in some form Social Security will be there for my retirement – or for my child and widow if I die, or for me and my child if my wife dies.
No. I'm 36, and I save responsibly. I will lose the benefits via means testing or some other reason that rewards frivolousness and punishes responsibility.
I'm not sure if we will still have a country left by then?
It better be.
It is so far (I'm retired). The question for me is, will it be there for my daughter?
But the most important question will always be, what if there is NO Social Security for my daughter, her generation and future generations? What will WE the PEOPLE do? Will we just kill off the elderly so we don't have to support them? Will all the elderly be forced to live in tent cities? Camp out under bridges?
Of course it is mainly the POOR elderly who will be affected. And statistically an ASTONISHING number of the POOR are the elderly!
Will future generations of those who HAVE some money still stigmatize those who do not as slackers and do-nothings, when in reality MILLIONS of those who work at the worst jobs, the longest hours and for the lowest pay will wind up relying on Social Security to live! What are the options?
They keep charging me more for it and moving it farther away. Between that and the Obozocare, this government is making false promises and the assistance won't be there for people who have worked all their lives to get it. It will have already been given to those who don't work or pay taxes. Obama calls it sharing the wealth. Most people call it theft.
Yes!! At the adjusted age of eligibility of "72"
Not if the Republicans have anything to do with it. You can pick them out when they're small; they're the kids that don't share well. It's become obvious us commoners are only good for votes. After that we could drop dead for all they care. They're beginning to really creep me out. Maybe corporate owned drones lack empathy. Sure seems that way.
If not, I'm moving in with George Bush. It's his fault.
Can I get back to you on that in six months and one day (not that I'm counting or anything) when I become eligible?
Jack, Social Security will be there for me when I retire because by law and regulation, it must be and because, I have paid and still am paying into the fund. You, me and almost all other working Americans pay into the system every week or two weeks via payroll deductions. If Social Security isn't there for us, The United States will collapse and we will all be a world of economic depression!!
If the jobs picture does not improve soon, I may become more skeptical. At this point, it's anyones guess. What I do know is my money is in their hands, and I want to know how many more sacrifices I,as a middle-class american, will be asked to make before somebody removes the ceiling and makes the upper crust pay their fair share, and that's just for starters. There are many more things that can be done right now to bolster the program, besides raising the retirement age.
Jack: I will let you know in one year!
Not if Republican's gain control of congress and get 60 seats in the Senate.
I certainly hope so; I'm a little over a year away from drawing social security. Is there any way that a public referrundum across all fifty states could force our congress to repay, with interest, all the monies that they took from the social seccurity retirement fund?
If there is it will be very little. I just received my social security report and if I make it to age 66 years 2 months, I will get 1200 a month. Oh I feel so blessed. I hope I will be around to see it.
I am 32 years old. I've paid into Social Security my whole life knowing that I'd never collect. But you know what? I am not going to scream about it because I care about this country. I will do my part and pay what needs to be paid. Sadly, I can't say that about roughly half the population that thinks its totally proper to put "me" before"we" in the "Greatest Nation in the World".
Sometime Congress will get arond to raising or eliminating the cap and Social Security will no longer be a problem if the funds are placed in a dedicated account. If the individual contributions had been seperated from the general funds and invested in government securities, there would not be a problem now.
I understand when Social Security was proposed there were some who were against it and said it wouldn't work. It was fixed in the Reagen Adminstration but seems to be in need of another fix.
It is time to begin the process of phasing Social Security back to the Citizens and get the Government out of it. It may take 10 to 25 years to complete the process but it is time. The other option seems to be continuing to raise the National Debt until the whole system of government collecting and disbursing money completely collapses. That may already be in the Mix.
a future Congress could always put Social Security back in place if the people wanted it.
Jack, I am one of the lucky ones. I already draw SS, and have been for 2 years. The issue for me, and others in my age group, is that now that we are here, and have our retirement planned and worked for over the past 47 years, we have no options open to compensate for the cuts that are coming, because of the Democrat's out of control spending, and insane policies like increased Health Care costs. Seniors are just another casualty of the redistribution of this country's wealth, and we haven't even begun to seen the worst part of it.
Probably for me because I am 53 and have been paying into the system for 37 years. I will wave my AARP card and scream with the rest of the oldsters if they try to cut what I have been promised! Younger generations, on the other hand, better start saving for retirement.
By the time I reach my retirement age of 69 and 7 months I am sure there will not be any Social Security left for me and my Husband nor will we have any retirement because we had to live off it while being both unemployed over 18 months in past 2.5 years. So now we will become a burden to our children or work until my last breath.
If you are 50 years old or younger and think you are going to collect Social Security benefits, I have some beachfront property in Kansas for sale you might be interested in.
It can be there for everyone for years in the future if they stop robbing from it for purposes other than it was meant. The monies taken from the SS fund should also be replaced. SS is not a failure, the administering of its funds is the failure. It is a needed program and even more so now. This is due to the elimination of retirement plans, benefit packages, and long term or career employment. Employers will not provide for wages, retirement or health care out of the kindness of their hearts because they do not have hearts. Workers will not make a wage or salary that enables them to provide for retirement, health care or savings to live once out of the work force because making a "living" for the masses is a thing of the past.
Not unless the government gets off its collective posterior and fixes it, which they will not do. That's because to fix the problem it requires radical changes to the system (raising the retirement age, higher taxes, changes in benefits, etc.) that our elected officials are unwilling and unable to make because they want to be re-elected.
It will be there Jack but just what will it be like and will it matter.
No!! I am 45 and I know it will be gone before I get ready to retire. The giant mosquito that is our government is sucking everything they can find bone dry. I plan on working, and dying, at my job – assuming I can keep that. Welcome to America! Rob in NC
Jack, it is more like "Social InSecurity". With this deficet, where are you going to get the money? Oh right, that printing press in the White House basement.
No, but I will be dead by then and probably won't care too much about it.
It's there for me. I'm 63 and started taking it this year. If the politicians hadn't raided the Social Security Fund for all their pork barrel projects, it would have been there for everybody for a long time. Good luck trying to get it if you are under 40. The government is taking money out of your paycheck for something you will never get back.
I am receiving SS benefits.....barely ! With the continued increase in Medicare premiums the amount to live on dwindles each year, and combined with that there is the increase in COL.
When and if there is an increase in benefits, that is neutralized by the increase in health care (medicare) premiums.
On a quiet evening I can hear the words coming forth from D.C, and they are........:GOTCHA ".
I don't think so, and that makes me angry. I never gave the okay to spend my money that I was required, by law, to put aside for my retirement. Politicians, past and present, should be ashamed of themselves. I hope those elected in November work to stop the reckless spending by our federal government. I also hope they work to create, and/or bring back, jobs for Americans. They also need to find a way, without adding to the deficit, to put back the money that was taken from the Social Security fund. And make sure that no one can raid the Social Security fund again.
Yes, I do. It has been the only government program that worked so well that every administration and congress has stolen from it. But, we have to find our way through the barrage of misinformation that comes at us from the rightwing pundits who are bought and paid for. Where are we to go for economic analysis, if they now propose turning over a portion of Social Security to a gamble on Wall Street? The need to stand on principle to protect our precious safety net programs far outweighs the gaining of a few bucks in the short run.
I've been told all my adult life to not rely on Social Security because it'll be gone long before I'm of age to start collecting, so the answer is no, I don't think Social Security will be there for me. In fact, I whole heartedly wish the government would start a plan to slowly fade out Social Security.
I'm 54 Jack and I don't plan on retiring until I'm at least 75, because I know Social Security won't be enough to live on when I'm 62. I hope to save enough again (this recession wiped out 50% of what I have left after a divorce and a stretch of unemployment) to live halfway decently by 75.
I am 26 years old and stand a better chance being the first human to walk on Mars than I do collecting Social Security. Pay day was last week, and the federal government took $127 out of my paycheck for Social Security. I looked at that and said "Well that money if forever gone". Unless something drastic happens to restructure Social Security now, I will never see it!
I am drawing social security now, but realize it is only temporary. Time is running out fast and I fear too late to correct. Putting social security into the general fund was a huge mistake. SS was meant to be a retirement fund for the commoners, the elite in government have a separate plan far superior to it. But another thing seldom talked about is the number of young people drawing benefits. When I go to the SS office an overwhelng number of people in there waiting for service are under the age of thirty. If many who are supposed to be paying into the fund are drawing benefits the problem is compouded.
it might be there to cover the first 2 weeks of expenses but with the 2 party system capitulating to the feudal landlords who keep getting away with raising rates and gettting tax breaks , i 'll probably be living in the streets the last 2 weeks of the month.. which would mean that the flea bag motels who keep getting a pass on accomodating the shady side of life that encourages the motel owners to raise thier rates would deny me quality sleep ..welcome to the 3rd world
Do you think Social Security will be there for you?
Yes, it will be there for me, however it will not go as far as it does for our seniors today.
Why? Simple, fewer children are being born or have been born to offset the number of seniors that will need their salaries to support. My parents paid for their parents, I paid for my parents, now our children will pay for us.
If we could keep the likes of GHW Bush, GW Bush and the GOP to keep their grubby little hands out of it my check will be better when it comes my turn.
Al Gore was right, Social Security would have been in better shape had it been in the "Lock Box" that he suggested all through his campaign. And I bet we wouldn't be inhe money pit that is Iraq either!
I'm already drawing my Jack, so you need to hang in there and pay in a little longer. I just hope there is some left for our children, if the Government would stop borrowing from the Social Security system and spending it on other worthless projects, like the wars in Iraq and Afghan there may be a little left.
I think I will get some Social Security income, but probably quite a bit less than what the boomers will get. I was born in the middle 1960s, and the Social Security reforms of the 1980s changed my full retirement age from 65 to 67. My generation will probably see the goalposts moved again, and either means-testing or across the board benefit cuts to balance the Social Security system's books.
Scare is what sells! Social Security has been fixed several times already, and a few minor adjustments will fix it for the foreseeable future. Raise the earnings cap, raise the payroll tax by 1 percent spread over 20 years – that's .05% per year – current benefit rates will be fine.
social security will not be the only item that will be gone.
Our Senators and Congressional members and government workers should be flying coach. Not only saves money but gives them all a taste of the real world!
I’m on it and it’s little more than half there for me. What no one knows, (and the truly scary thing about SS) is that EVERYTHING that they say has to be done to save SS is ALREADY being done and has been in effect for decades.
We keep raising the ceiling, we tax benefits, we reduce benefits, we means test, we are raising the retirement age, we raised the rate from 1% to 6% and Obama has frozen the COLA, which is another benefit cut or tax – your choice of terms.
None of this was in the original law and it was not supposed to be mandatory.
The “trust fund” has never existed, therefore SS never existed. You are right, they only wrote out IOUs and they have no idea how to make good on the pilfered funds. Sooner or later they will have to file Chapter 7 bankruptcy with no assets to sell off.
I'm 48 years old, and I assume (and have been assuming for years) that Social Security will not be around when I retire. I'm taking it upon myself to make sure I have enough money for retirement by utilizing 401(k) plans, IRAs, etc.
We were never promised Social Security would be there, and I'm assuming it won't.
Absolutely social security will be there for everyone. All that is needed is to eliminate the $105,000 cap on payroll tax, and congress needs to stop stealing social security money to pay for senseless wars, and corporate welfare for banksters. There is no social security problem just the political will of congress and obama to do what is needed. Of all the problems in washington this is the easiest to fix.
Yes, I do think Social Security will always be there. Read article1, Section
8, of the Constitution at the internetfreepress.com. Why can't you read it, Jack.
I am 48. NO I doubt I ever see anything I have paid into social security!
Simple answer to simple question either make it work, or get out of my wallet so I got more to save for when I get there. Because right now it works more like a chain letter than a retirement plan.
Social Security is ALREADY here for me Jack. In fact, as a Medicare beneficiary via my dad's claim (My dad was a veteran when we was alive & served in Germany in the 1950s), I was LITERALLY SAVED from the PILL-POPPING doctors paid by MEDICAID (I switched the two around whereas Medicare became the primary & Medicaid the secondary)
Furthermore, I think the big question is how long ORDINARY AMERICANS can keep it away from the GREEDY hands of the Republicans who as we all know would love little more than to privatize it if they can't kill it altogether
I have a letter from Social Security right here in my hand. They tell me they will pay me $2200 a month when I turn 72 in about 6 years from now. I will tell what Jack. I will believe it when the checks start clearing the bank
I'm 55 and I think there will be SOME money for me in 8 or 11 years. What I am really depressed about is the reality that I and many, many more Americans will probably need to work until we die, even with Social Security, AND, hardly anybody wants to hire old people. We are more expensive to insure and younger managers sometimes feel threatened by people who are more experienced, and possibly smarter, than they are. When I lose my current job, I don't know what I am going to do. But, like most of the problems that face America, no one wants to deal with that reality. People don't want to solve problems, they still only want to save money in the short run, regardless of the cost to humans and the future of the country.
cy arlington, va
Having retired from seling life insurance. The only mistake our forefathers made is not putting our conress on commission. That if the country made money they and their staff would get paid if not then they not only get paid, now let them spend all the money they want.
Social Security program is a Socialist system. Bad , Good or who cares?
It WILL be there, Jack, because any politician knows that the day they tell Americans that your grandma, your parents and your disabled sibling is no longer going to get a check....they will be voted out of office faster than you can say "bye, bye, Congress"!
Yes. Describing a US Treasury Bond as "nothing more than an IOU" is a very misleading statement. The trust fund operates like a very conservate insurance company that invests premiums in the bond markets to ensure adequate capital for the future. Or would you prefer the fund to invest like pension funds in complex investment vehicles and the stock market and risk future generations' retirement security by being underfunded whenever the economy slumps?
Sadly Jack, I do not believe Social Security will be around when I retire. No matter what the annual report I get from Social Security says. I am maxing out on my 401K and contributing annually to my IRA, and savings like a miser to insure my retirement. Being born on the wrong end of the baby boom (1963) I've already seen my retirement age go from 65 to 67, probably 70 if the gov't doesn't get it's act together. I wish I could opt out of the system , I feel like I'm throwing money away every time I look at my pay statement.
Yes, but my social security will be less than my husband's because of my age.
I was just one year short of my full social security for when my time comes.
Of course, if I don't receive it, then I will sue for the total amount I paid into Social Security since the age of 14. And yes I did work legally.
Sure, Jack – All we gotta do is get out of two wars, let the tax-relax on the wealthy die its natural death on January 1, and elect some honest-to-goodness "representatives of the people" to Congress in November.
We have tons of money for social security. Stop giving it to immigrants as soon as they step off the plane. Recall our military from Japan, south korea, Germany, Iraq, Afghanistan, Israel,Etc.Etc.Etc.Etc. There is the money we need and are foolishly throwing away for people who don't appreciate it anyway. Give it to U.S. Citizens who were born and raised here and worked all their life for it. We owe these people something for their years of toil. Not everyone who retires is a millionaire.
Jack, I'm 32, and I've been paying into Social Security for 17 years now, and I'm planning to never see a dime back from it. No politician is interested in fixing a problem for folks 30 years from now. What do they care? They won't be up for re-election in 2040 most likely. To do the right thing now will cost them votes.
The Social Security "lockbox" has been robbed by congress for decades and the result is the nations biggest Ponzi scheme. A start to restore the trust would be a reimbursement funded by reducing the congressional pensions and reducing their healthcare benefits to the same level as the rest of America. Without reimbursement, No – I'll never receive my benefits, and we'll see the official retirement age elevated to 85 pretty soon.
I dont know Jack, but with the proposals to raise the retirement age to 70 for people under 50 and for the ret of us to have to 'qualify' for Social Security.......well, I will be 62 in 2 months and retiring early and still working is looking better and better. I have worked too hard and paid the max. in Social Security for too long to have to now suddenly have to 'qualify'.
Social Security will be there for all of us if only Washington would stop transferring that money to the general fund and spending it on other things like nation building around the Middle East.
It better be there ,after paying in for 40 plus years
Any truth to the info that congress is raiding the SS fund ( no col 2011-13 ) tofund their medical records transfer ?
As long as a majority of people in these United States of America love and care for their parents and grandparents there will be social security. There will always be people who, through no fault of their own, are unable to work for a living or the burden of holding a job is too great an onus to carry because of age or illness. Social security is not just a bureaucracy, it is a covenant made by our government with the people of America, witnessed by God, that we are a caring nation, that we are civilized. It is this covenant between the governed and the government that holds our nation together as one aginst the elements both natural and man-made that we stand united in the care for our neighbors. Someday I pray that all the people of the world can share this care for humanity and embrace the truth that we are one people, under one God, and that in our daily prayers all our brothers, all people are included in the blessing. It is not about money, it's about responsibilities as a society, it's about social consience, it's about whether humankind should exist or not.
I am 38 years old, I have been paying into social security for 23 years, sine I started working when I was15. They were talking about there not being enough money back then in 1987. I have never believed I would see a penny of the thousands upon thousands of dollars I've paid into social security, so why would I start believing now?
No because it has been both robbed and underfunded for too long. They do not have to money, they have alread spent it. It is going to either be funded through new taxes and or printing more money.
If this alone is not enough for the citzens of Amerian to see that goverment can not be trusted to act as a middle man with your money, I for the life of me can not understand what would.
I fully believe Social Security will be there for me, to take more and more of my hard earned money and give me no hope in return.
I took it at 62. Now at 65, I think it will be there for the rest of my years, but unless Washington wakes up and does what needs to be done, my kids may have a ruff go of it. What I don’t understand is how younger people today, even in our “I hate taxes” times can look at the prospects of their retirement and not want to kick in an extra buck or two each pay to make sure it will be there for them. With Wall Street’s record, whatever other retirement plans they may have between now and then can get flushed like many pensions and other retirement funds have in the past year or so.
I am 24 years old. I am sure Social Security will be a long thought of the past.
If the money WE Americans invested in this "trust fund" is not there when we need it, millions of guns will be there!
I am 23 years old. Social Security will not be there for me. I'll be working until I die. The US is in trouble.
It shouldn't be and everyone would be better off by a compounded rate of approximately 7% per year. A handsome sum.
I receive SS and here's what should happen to the program:
The bottom 10% of our society should be supported at some basic income and healthcare level with strong incentives to move up.
No new employees should be admitted to SS. Institute a 401k type plan with both employee and employer contributing.
All current employees under age 50 given opportunity to move to private plan. All over 50 stay on the current SS plan.
Age of collecting SS moved to 72 immediately and to 75 over ten additional years.
All currently receiving SS over 65 with a net worth greater than $1 million have SS reduced by 50%.
Reduce SS Administration staff by 50% in five years.
I am already receiving Social Security and I expect to one day find that I haven't received my monthly stipend. I full expect that before I die SS will be curtailed all in the name of health care.
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Jack, you still believe Social Security is real? That's one of those myths they tell you when you're little, like Santa Claus, the Easter Bunny and the Tooth Fairy.
Mt. Vernon, IL
As a 24-year-old, I'd love to trust our politicians but the numbers don't lie and I don't expect to receive social security.
Do I think Social Security will be there for me? Very simply, NO. We have too much debt and I do not expect anybody else to forgo their own income to take care of me.
Being in my 20s, I know that social security will not be there for me. I think that once it goes negative, all the social security benefits should be cut respectfully. Those that says that don't touch my money, that money was already spent on them through their government.
Will a job be there for you? Will decent health care be there for you? Will affordable housing be available for you?
In this country, if you aren't one of the few haves, there isn't much for you now, and there probably won't be much there for you in the future...including Social Security.
I'm 56 now. No I don't think Social Security will be there for me. This monster that is our government (politicians) continues to spend, feud, steal and lie with tax payer monies and lives. It's only getting worse. Hard times now and hard times ahead.
I almost feel sure that there will be nothing left for younger Americans in Social Security benefits, mostly because of our outrageous deficit crisis and 30 years of neglecting the economy.
Cedar Rapids, Iowa
I'm 33 years old and I'm guessing when I retire I will have the option of getting "some" money from Social Security. Not that I think the government will have the money to give, but that they will nonetheless make it available out of obligation. That said, no way do I think it will be enough for me to live from.
I'll be eligible to collect Social Security next year when I turn 62, and since I probably won't really need it by then, I've thought about waiting until I'm 65 to apply. But with the possibility of a rapidly depleting SS fund, I'm considering applying at 62 anyway because it'll be just my luck there won't be anything left by the time I'm 65. Maybe I should just take the money and run while I still can.
Yes unless the Deficit Commission has its way.
When I buy gov bonds, I know the gov will pay them back at maturity. The same is true for the bonds (ious) social security bought with the FICA tax dollars we pay in every paycheck. I've been paying in for 30 years as have every working american.
we can fix social security the same way Reagan did, increase the pay-in 1/2 % and restore the estate tax to Clinton-era levels.
I am 27 and I came to the sad realization a couple of years ago that it would not. I think more younger people should come to this realization and learn to SAVE and not look to the government to SAVE them. I bigger question should be. Since it is pretty clear that social security will not be avalible for the younger population, should we have to continue paying into it?
Yes, I think my Social Security pension will be there when I retire, and if it's not, then I will sue the Social Security Administration to return everything I have paid in since I started working in 1970. If the US Government doesn't have the money to fulfill its obligations to it's own citizens, then why are we giving billions of dollars to Pakistan?
No and I will freeze to death at the age of 65 from being homeless in the northern plains.
Jack, I can only pray that it will be there. I'm 54 years old I lost my job almost 2 years ago My husband lost his job of 40 years also 2 years ago. I have totally used up my 401k since then to pay bills and live on since then, so my safety net is gone. The way the stock market had been the money my husband had in his 401k is dissappearing daily and he will be 62 in Dec this year.
I know it won't be. Especially living in California where my particular business is living only on Medicare income. Medi-Cal is dead and many of the people I serve are suffering right now due to California's ineptness at solving budget woes. It sickens me that our weakest are always the first to be hit with budget cuts, while our strongest and most corrupt like teachers unions and lawyers and the USDA survive. I always pray for a "reset" in society, but don't know when that will come. I thank God for every penny I have and that I'm still employed, but 20 years from now when I'm retired? Even as well as I'm doing now? I just don't know.
Michael – Stockton CA
The direction the country is headed NO WAY!!!
I'm 27, and I do not think it will be around if changes are not made in the way it currently operates. The money should not be used in the general fund. We need to streamline the tax code, give health insurance companies, hospitals, and prescription drug companies government contracts for Medicare for All, start making goods again, end the Bush tax cuts that did not trickle down, pass Clean Energy legislation and put us back to work.
I don't know but if it isn't then why the heck am I entrusting the government with my money every week. Didnt they have a hands off SS during the Clinton Admin? ...lemme guess what happened to that! Bush! the gift that keeps on giving
Lets be honest.....Social what???
Of course it will. Despite the fact that Republicans, and fools like you, have been lying about it for decades, scaring and misinforming the people to the extent that 60% don't think it will be there, the facts are the facts. If nothing is done, SS will pay everything promised for nearly thirty years. If nothing is done, after that, it will pay 75% of promised benefits. As for the trust fund, it is NOT a bunch of worthless IOU's. It is invested in United States Treasury bonds, considered by many to be amont the safest investments on the planet. I have no idea why you insist on lying about the most successful social program in history, but I wish you'd cut it out.
OF course not. It's another fine example of what happens when you come after a generation that cared for nothing other than itself. You guys had everything from Social Security to Global Warming to Peak Oil staring you in the face and all your generation did was argue about prayer in school and who loved Ronald Regan more.
And people as old as you wonder why the two fastest growing social trends in the US are Athiesm and Socialism. Just look in the mirror.
Well, yes & no. It's there right now since I'm on SSDI, but they have decided that the cost of living didn't go up last year and won't go up this year either. God only knows what they have planned for the future!!
I am pretty much convinced that, since the gov't has decided that it is their ATM cash machine, it will go broke before I reach actual retirement age (I'm 56 today).
Once they crash the system completely, I'll go back to being homeless (was before) except I'll be ditch fodder this time around.
The elite like to threaten social security funds as if it's unnecessary pork spending, because they don't have to rely on soc sec as a last resort while most of Americans, especially now, do.
Consider all the billions spent on building up Iraq and Afghanistan, do you solve terrorism by throwing money at it? We’ve probably injected more money into their economy than they have seen in decades.
If Social security is not there for me, after paying all these years, I personally will not have much else to live from after going through the last recessions and stock market 401 and IRA losses. We, the real middle class, will be placed in the throws of what ever comes. That is the real American story. We were told to save and put money back for retirement by many administrations. Shame on them for letting the big money people use us this way.
It already is there for me Jack but my daughter is squirreling away money faster than a squirrel squirrels nuts for the winter.
I am 38 and have been working since I was 15. I was hoping this would be around as extra cash after retirment but it doesnt look that will happen. Kind of reminds me of my 401k.
I'm currently a full-time student who also works full-time. I can't even begin to describe how frustrating it is seeing that Social Security Tax taken out of my paycheck knowing that I will never get the benefits current retirees or soon-to-be retirees are and will be receiving that I am paying for. It's not so much anger towards the matter but more of a feeling of being let down. It'd be nice to not have to pay into it seeing as I'm most likely not going to be receiving the benefits, but most likely they'll just increase the tax amount that each individual is required to pay into it. Hopefully someone can figure out a solution soon so that I and others in my generation don't have to continue living with this feeling.
It is NO ACCIDENT that the young think they will get none, it has been apurposeful mantra of the GOP in order to gut the program, by way of generational conflict.There will be Social Security for me if Congress stops listening to the billionaire Petersens and rich people of the country. As wages have stagnated or declined for us in the middle class, the top 1% have made almost all of the gains, billions. We can and MUST repair the system or we will be back to the elderly eating cat food.
Jack, I,m not so sure America will be here when I retire. It's being sold to the highest bidders.
Jack I don't know if SS will be there for me or not, what I know is that we are way to worry about the feature that we forget the present, look the example of unemployment benefit Republicans are to worry about the feature that they forget that I need to eat today, and pay my bills NOW, I know my grand kids need to eat too but I need to eat first to be able to make kids.
Let's turn the fire first then we worry about what causes the fire. We have to straight our priorities first.
Jack, in a word "NO". Until Congress stops looking at Social Security as an endless piggy bank and learns to balance the budget like the rest of us balance a checkbook, the majority of Americans will not have faith that the money we have paid for years will be used for anything other than excess on the part of Congress. The way I see it, "Mr FICA" owes me something other than empty promises, wasteful pork barrel spending, and rhetoric.
Most definitely, as long as the Republicans dont get elected. There's almost nothing they want more than to privitize or abolish our Social Security.
No way will social security be there when i turn 67 because just like everything else, nothing will be done until it's too late. In fact, what I expect is that the age to collect will keep increasing (as it already has) as more people near collection age. I'm 52 now and never expect to collect anything more than will afford me about a weeks worth of groceries, at best. Even though I did all the right things, and got my engineering degree, etc, I have no pension and the economy has pretty much wiped out my savings.
I believe that there is a very slim possibility, maybe about 15-20%, that when I retire (around 2054; I'm currently 22, plan to retire when I'm 67). Current government spend trends plus constant growth in the number of those who need their benefits frankly scares me.
I'm a 21 year college student, working part time. I've been investing in my 401K since the age of 18. I KNOW social security won't be there for me. Therefore I am doing all that I can now to ensure that when I retire, my dependence on whatever government assistance that's available is nonexistant.
Yes, I believe SS will be there for me. I am currently 54. I think the retirement age for our Federal and State workers should be raised to the SS age before the SS age is increased, just to be fair since the Government is our Biggest employer.
Yes, I think there will be enough SS for any retirement age, if politicians keep their mitts out of the coffers, and quit scaring the heck out of us to cover up their mishandling. There isn't going to be a shortage of people, as a matter of fact, there will be more in the years to come, all paying in to Social Security. By theory alone, there will be enough to cover everyone. One generation pays for the other unless some wizard comes up with a new, screwball system.
Yes, I expect to collect Social Security when I retire. I have paid Social Security tax on every dollar I've ever made. Therefore, the solution is simple, raise the cap. Why should there be some people who receive Social Security pay Social Security tax on only part of the money they make? What's good for those of us with less should surely be good for those with much more.
Not if we don't repeal the Bush tax cuts for the wealthy and start to close ALL tax loopholes. We all need to pay our portion of the taxes needed to run this government. It's part of the deal. How the Republicans can continue to talk about tax cuts is totally beyond me.
Tax us as much as needed to make sure we ALL have the government benefits when our time comes.
Eve – AZ
Nope, Jack. That's why I'm 25 and my wife and I are focused on maxing out our Roth IRA contributions every year instead of buying a new car. We've long since realized that we need to take care of our own future because the government will just keep fumbling around.
I am 53 years old, and I have been convinced for the last couple of decades, that Social Security will be gone by the time my husband and I need it. I live in Illinois, where even the taxes have taxes (oh excuse me: "user fees"). Because of tax burdens and crashing 401-Ks, we expect to be working until we die; we won't be able to afford retirement!
Glen Ellyn, IL
Yes, I believe that this social security problem will not be solve for a long time into my future. I'm approaching 30 and the market is getting worse. Therefore, retirement will be tough in the U.S. I have already look for home in Asia. My country is affordable to have retirement.
Tucson, AZ – I know Social Security will "be there" for me, because I start collecting next month, when I turn 62, having been unemployed for almost all the past five years. As long as there is a US Government there will be something like Social Security – every developed nation has public old age pensions funded by some means! All it will take to make the present system solvent for decades is to eliminate the current cap on wages taxed for SSI, now set at $87000. If we forget the canard that this is a "life-savings pension plan" instead of the straight transfer payment it really is, there is no reason not to tax everyone on all income to pay for it.
It appears the greedy adults left the lid off the forbidden cookie jar and the kids may be left with no cookies. SMH (scratching my head)
I am already on Social Security. But I believe it will always be there. The Age will be increased. The FICA rate will be increased. The wage level covered will be increase and it will occur in the next two or three years. As far as the debt owed to the Social Security Fund it will gradually be transferred to the Treasury's Federal Reserve account and the Funds needed for disbursements will be made available. The Total Debt owed by the Government attributable to Social Security Funds will be the same until the Social Security Administration has spent all of its Treasure Notes or Bonds.
I believe it could be there if they would stop dipping into it for other things and if Illegal immigrants were not able to collect it. The term illegal is just that! I thought you had to pay into social security to get social security. Also, I thought you could not work a full time job and collect disability from Social Security, but that is happening too. Or am I wrong on not working a full time job to collect disability?
Please, lets start taking care of Americans then worry about others or we will be a third world country next! So what can we as legal Americans do to protect our rights?
Dear Jack, I don't worry much about Social Security. People are nervous about it because of a long-term public relations campaign waged against it. The reality is that the "IOUs" in the trust fund are US Government securities, which are the standard of safety in the investment community and which pay interest into the trust fund. Pretty much all government programs will need revision in the next 25 years (new weapons for the military, new pollutants we don't know much about now, etc.) That doesn't mean everything is a crisis, though.
Yes, there will need to be modifications in Social Security, but if we act relatively soon, we can manage fairly well.
In 1980 Reagan Bush and Tip O'Neill took the SS fund out of the trust fund to pay for the largest tax cut in our history, 15 percent. Unless you were in the 54 percent tax bracket you never saw a dime of that tax cut. The money was replaced with worthless bonds, 2.5 trillion so far. Every President lied and said they were raising the SS tax to save the fund, all of it went into the General Fund and Congress has spent most of it. SS is an income tax on the poor and the middle class to pay for the wars we have been lied into. Ron Paul was right bring home all the troops and put the money back into the trust Fund and future Americans will have SS.
No it won't be there. How can it be when the government has already spent it. Every election we hear the Democrats lying to the American public about how the Republicans are going to take away your social security. In truth it was the Democrats that put social security into the general fund and then spent it. Any other stupid questions Jack?
Social security is just another deduction from my paycheck, except this one is supposingly an investment for my future. Anytime you mix government and long-term financial planning, you might as well start learning how to play poker now.
Yes and no depending on how I can manage on my own but yes for people who really needs it!
Yes it will if the people young and old come together and demand it. We pay into it and then it is used in the general fund to pay for tax breaks for corporations who don't pay taxes bec of all the tax breaks given to them, and then bigger tax breaks to top income earners. After that there is nothing left for the people who paid for their tax breaks. Wake up America it is not the lazy vs the workers. It is not the urban areas against the rural areas. We are being played against each other for because of greed. Think about it if tax breaks were the cure all we should have money falling out of our pockets. I ain't giving nothing back!
Jack, in all seriousness I say, “After 30 years of paying in, and the next 20+ years to go, and paying out still, all’s I got to say is; I’ve better get at least the money back that I’ve paid in, or there’s going to be Anarchy to pay”, against the rich control freaks who want it all, and are bankrupting our American way of life.
My thought is hope for the best, but prepare for the worst. We hope to retire in 3 years, but Social Security income will barely cover necessary monthly expenses. Luckily, we had the foresight to actively participate in our employer's 401(k) plans. Barring a total financial collapse, this should get us through. How important it is to rely on yourself rather than the government for any "social security"!
Hey Jack, we can all afford to retire in Vietnam but not here, despite FICA, Medicare payroll tax, Fed, State ... none of which I mind paying as long as Conservatives don't raid Social Security,
Jack – Social Security is definitely a problem that must be solved. But, I want to give a shout out to Shirley Sherrod. She is a woman who is amazing, passionate and produces results. When is all this nonsense about race going to end in America? The powers that be have done a grave injustice to Shirley and I hope they take their time getting the egg off their faces. Shirley, you are my hero. You go girl!!! Claire from Ontario, Canada.
Yes SS will be there. For years WE have cried wolf about SS benifits not being there for us. The concern for most is because they have no other retirement benifits to go along with SS. That is evident by the # of people that are working past the age of 63-65. I have recently retired at the age of 55 and will look at part time work for income and something to occupy my time and leave the full time jobs for the younger generation that have young families and should have the opportunities to "climb the ladders of success".
The American people should not be afraid that they will not receive Social Security.................we have it in UK and instead of removing this source of benefit.....this is increased each year!! The old people are those that served their country unfailingly all their working life and this is one way in rewarding their commitment and effort.....plus their vote are heavily depended upon by political parties.
For sure, benefits for Social Security will be reduced, tax contributions will be expanded, and, as unfair as it is, retirement ages will be raised. What you can be assured of, is that Federal empoyees will continue to get their cushy taxpayer funded pensions. And, Congress will always get their ridiculous 100% retirement, even after just one term, and all the rest of their perks. Why not put EVERY taxpayer funded elected official or employee on Social Security and take away their pensions and see how quickly Social Security gets fixed?
Apple Valley, CA
How about...I just won't count on it. I think more than anything recent times have taught us that in addition to making "comfortable" investments, privately saving and managing your money properly is the best way to secure your retirement finances. Give yourself a head start; don't leave it up to everyone else.
28 yrs old
P.S. Thank you CNN for getting me involved; better late than never!
You're a working senior of significant means. Any thoughts to leaving your social security for future generations ?
Honestly, I think ‘American idol’ will outlast social security. Being in my 20s I imagine I won’t see a dime from it, though I’ve paid into it all my life. It’s broke pure and simple, the left wants to use 401k’s to keep it alive, and the right wants to privatize it. Both are bad ideas but they won’t happen because no one can agree on anything when it comes to social security.
I don't think social security will ever go away entirely. Either they will have to cut the payouts or increase withholding, but in any case I think you will never see it disappear entirely. The other thing worth considering here is that the present social security fiasco is largely due to population dynamics. The boomers are depleting the system because they are so greater in number than the generation before them. Eventually, the system will right itself.
It better be there ... I have put into it for 34 years and never received a dime yet. If it isn't there, those "owed" should sue the Federal government for siphoning it off to other areas ... what the government has done is called "embezzlement". I would like to see those members of the government who determined that it should be used for other purposes have all of their assets seized and given to the people. This is the only way to teach future legislators not to steal and merely supply an "IOU".
The way things are going now no I don't think it will, but it should because people have worked for that money, if the government takes it out they should have it for people that have put it in that is only fair. And if you are not able to work, disabled they should not give you the run around and not give you money that is rightfully yours.
I am scared to death. I am a 38 yr old fully disabled veteran and also have SSDI. I feel in my heart that my country will let me down. Loosing SS is a ticking time bomb and the country's eyes are wide open to it but the ones that can change it either have dark sunglasses on or just don't care. I am scared for myself and my family and for every other family in this great nation.
In theory, there should be, if the politicians quit scaring the heck out of those convinced it's the Boomers fault instead of their own.
A Better question is ... are non-americans collecting Social security as some have suggested? Don't you have to have a ss number to collect and don't you have to be a citizen to get an ss number?
Jack; I was saying the same thing about 30+ years ago when I was in my 30’s. Now, I have a question for Congress. I used to get a break by December every year when my income reached $100,000. I did not think much of it until recently. That number is now $106,800 for 2010. But, why do Social Security contributions have to stop there? Why not remove that cap and let those making more than $106,800 annually continue to contribute to Social Security for the remainder of the year? For those individuals, this would be a drop in the bucket and it would likely save Social Security without even increasing the retirement age.
Jack Cafferty sounds off hourly on the Situation Room on the stories crossing his radar. Now, you can check in with Jack online to see what he's thinking and weigh in with your own comments online and on TV.
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