SS 102: The Financial Crisis
You may not be retiring
any time soon, but the financial crisis facing Social Security is
affecting you NOW. Why? The government is spending your Social
Security tax dollars, and it is not saving your money for you.
The government
is relying on a flawed pay-as-you-go system to fund Social Security
benefits in which taxes of current workers fund the benefits of
today’s retirees. Because people are living longer and having
less children, fewer and fewer workers are bearing the burden of
supporting more and more retirees. This is simply not sustainable.
The longer the
government waits to reform the system, the worse the situation
becomes. Currently, the Social Security system
faces a $13.4 trillion shortfall.1
As a young worker, your share of that debt is about $85,350.2—do
you have that kind of money?
If you think the
financial problem facing Social Security will only affect you in the
future, think again. It’s your problem today!
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