Consider these concepts:
The current senior citizen generation is the very FIRST generation of people in the entire history of the world to retire!!!!! In every other society in the history of the world, people were expected to do some sort of work until they died.
When social security was established and the age of beginning to receive benefits was set at 65, the average life expectancy was right at about 67 years old. People were expected to die after about 18 mos. of collecting benefits.
In 1966, when Medicare was established, the absolute limit that a person could be required to pay in taxation was $10 per month, regardless of how much they made. I don't care how aggressive a growth account you put that much money into, you CANNOT live off of it in 40 years' time!
Social Security was NEVER supposed to be the sum total of income for seniors. It was established and advertized as a SUPPLIMENTAL safety net, and people were supposed to have saved on their own in addition to what the government was going to provide.
Baby Boomers are quickly approaching the age of retirement. When they do, because they out number Gen X'ers and because current seniors are living longer and longer, we are QUICKLY approaching the time when we will have close to TWO people collecting social security for every ONE person paying into the system. It does not take a rocket scientist to realize that this situation cannot go unchanged for many more years.
Folks, I am almost 37 years old. I have been paying into the system for twenty years, now. Even so, there is NO WAY that system will be there for me. If you are still working, you better be making plans on your own FOR your own, because the governmental plan currently in force likely won't do squat for you!
Social Security