Social security was enacted in 1935 during the great depression as a means of providing retirement security for the American worker. In the beginning the tax was only 1% but has sinse risen to 6.2%(4.2% 2011) for employees and 6.2% for employers which totals 12.4%. Also, since the first days of social security more and more people have become dependant solely on social security as their main source of income when they retire. That's fine and good, but how are we going to pay for this. As of 2002 the social security administration has said that there were 3.5 workers for every retiree. By the year 2030 the ratio is expected to drop to 2 workers for every person collecting social security. The social security administration has also said that by the year 2015 the administration will be paying out more than they will take in with taxes. It seems that most of working people of this country have become dependent on the government to take care of them financially when they retire. This could be a big mistake for people who have no other form of retirement savings, because the statistics say that the social security program is destine to fail. By around 2040 the contributions to social security will only allow the government to distribute about 70% of the benefits required by law to those who qualify for social security. Would it have been better to just educate people about saving a small amount of their weekly income for retirement instead of taking money from them to support others before they can collect a percentage of what they paid in. Take a look at your next social security statement. Look at the amount you have paid in since you started working. Now look at the benefits you will be eligible for when you retire. I will almost bet that you have paid in much more than you will ever receive after you retire if you have worked for any reasonable length of time. That is if there actually any money in the system left to be paid out. I personally think we should have a choice in the matter. We should be able to choose whether we contribute or not. Those who choose not to contribute also choose not to receive any benefits and must fund their retirement by their own means. Does this seem fair to you? What are your thoughts on this matter? Please feel free to comment. COH Please!
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