Topic > Impacts of the Demise of Social Security

There has been increasing talk recently that Social Security is in rapid decline, which has led many people, especially those of retirement age, to wonder what they will do with their income when they retire and the system collapses. The fact that this system is disappearing is quickly turning into a big problem because there is a large percentage of the economy that is on the verge of retiring and will need money to do so. But how will they receive this money if it no longer exists? Social Security is a system established in the United States that helps older people still have a source of income after retirement. It also helps some people who have health problems and are unable to work. Everyone who works, however, must pay a percentage of each paycheck to the social security fund to help people in need. Then, at a certain age, when people are eligible, they start receiving payments while other people continue to pay into them. But for some time now, more people have begun to withdraw money from the fund than invest it. It is said that “after 2017, the US Treasury will have to sell more government debt to finance the Social Security deficit” (Pozen 54). While some people continue to deny that there is actually a problem with Social Security, it has been proven that the system is slowly but surely disappearing; to solve this growing problem, top government officials will have to step up, admit what's wrong, and start coming up with logical solutions that everyone will be happy with to fix it. people are wondering why so many think there is a problem… middle of the paper… the normal retirement age is set to slowly increase to 67, up from the current 65, by 2027 ( Pozen 58). As the normal retirement age rises, people will have a little more time to figure out how to save, as well as a couple more years of working to earn money to invest or save. While many things about the future of Social Security remain uncertain, one thing remains the same: “If we do nothing about Social Security, it is destined to become insolvent in 2041” (Pozen 62). The fact that some professionals have begun to propose some solutions for how the country can try to put more money back into the Social Security system is a wonderful thing, but there is still a lot of work to be done if America's youngest citizens are still going to be able to retire comfortably.