It seems that millions of our older citizens, our moms and dads or our grandma's and grandpa's all portions of the family are being hit in the pocket again. According to foxnews.com at http://www.foxnews.com/politics/2009/08/23/social-security-payments-shrink-time-generation/?test=latestnews, there are several people that state our elderly won't notice the lack of funds that they will not receive. The trustees who watch over the Social Security are expecting that the raise the elderly receive yearly called COLA which is a Cost of Living Adjustment will not be ditributed for the next two years. Sadly to say this is never happened before since the COLA has been started back in 1975.
Social Security a name that we all learn early in life and depend on knowing when we can stop working, relax and enjoy the remaining years of our lives knowing that we worked hard to earn the ability to sleep in, go on vacations, or just sit on our front porch and watch the sun rise or maybe just enjoy watching the grandkids play without the worry of having to go to work the next day. We have all served our time as adults and contributed to what we call our retirement, the necessity of life...our Social Security, our back up, our cane to lean on when we are older. Social Security the corner stone of our lives is possibly running into problems, by the year 2016 Social Security is expecting to pay more out then it will be receiving. If something doesn't change soon there will be no retirement fund by 2037 according to the annual report from the Social Security Trustees'.
All and all from the baby boom generation to generation x and beyond will be affected in regards to the poor choices of our past trusted elected officials.
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This is pretty depressing to me honestly. I'm 22 and I've just about accepted that I won't ever see anything from social security when my time comes. My husband and I are just putting as much into retirement as we can already.
ReplyDeleteThey arrested 70 year old Bernie Madoff for doing what the United States federal government has done for decades: run a multi-billion dollar Ponzi scheme, where the money coming in goes right back out, and those paying in are losing their shirts.
ReplyDeleteIt really is such a shame that we are living in what is supposed to be the best country in the world and it seems like it is falling apart bit by bit every year. Like you mentioned, when we were young, there was no question about social security. It was a savings account and no one had a reason to doubt it.
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