Rachel – Day 49

25 Mar

The News: Social Security Benefits In Danger. For the first time, social security benefits will be paying out more than it is receiving. This problem was not supposed to happen until 2016 but has arrived early due to the number of people unemployed which decreases the amount of money being payed into the fund and numerous people retiring early because they are unable to find jobs (thus they are collecting on their benefits already). It is true that trillions of dollars are still in the S.S. fund, however, these are all “I owe you’s” unfortunately. The government has been pulling from S.S. for a long time to pay for other things and now will be getting loans to pay for loans when people want to start cashing in on their S.S. benefits. When the baby boomers retire in about 5-6 years, the S.S. fund will take yet another detrimental hit that it will not likely recover from.

(fox news)

My Comments: I think we’ve all known this was going to be a problem for some time but just didn’t think it would hit right now. I find it extremely irresponsible for the government to borrow money from a fund that was created through American’s hard-working dollars for American’s as their reward for contributing to the workforce for numerous years. This is not the government’s money to borrow. This fund should have been an “untouchable” for the government since its conception. How is it that we have so many smart-minded people in government that are making such foolish decisions with our money. Would you ever deplete your child’s savings account because you needed it for something completely unrelated to your child’s future? I certainly hope you would answer “no” to that question. This is how I feel about the social security fund. I have been putting aside a little bit of my hard earned pay check every pay period to secure my future retirement, but I am merely feeding into a fund that is in the red and will not recover by the time I am ready to retire. So, essentially, my paycheck is paying off the government’s debt. Ugh, I wish I could stop S.S. from being withdrawn from my paycheck and just start my own private savings account for my retirement because I’m just throwing away my money now. Our government needs a Dave Ramsey makeover, so frustrating.

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