For those not familiar with US economics, we have a system called Social Security with is supposed to ensure than every american can retire after the age of 65. Sounds great, except the funding is running out. The "Baby Boomers" (correct term?) are generally blamed for sucking out more than the rest of the nation can put in, but basically, by the time I or even my mother will be old enough to draw from it, it will no longer exist. Granted some estimates say the account wont reach 0 until 2042, but that's an exponential graph... which means it will get close enough to 0 to be cancelled long before 2042... so we'll be conservative and say that they'll let it keep going until 2030 The current retirement age is 67 (used to be 60). By then, I wouldn't be surprised if the age was 70. So if you're 40 now, you might see something for a couple months... BUT the account will be so small your check will be smaller and smaller (beyond the monthly reductions in the social security system as it stands). When the system is so minute that they're sending millions of people $0.01 checks, there's no way it will keep going. So here's what happens in my view: They suck 6.2% of my paycheck... And tell me I'll never see it again. And this isn't an optional thing (unless someone here knows a loophole?). Everyone pays in... and only a very minimal portion of the current workforce will see a dime from it, much less include it as a part of their retirement plan. As far as I've seen, Texas teachers are the only ones who don't pay in, because they have their own state-run retirement fund. So I'm curious about your views.
