Social Security-A thing of the past?

If you’re like many Americans, you probably look at your paycheck for a couple of reasons.  One is of course to see how much you got paid.  Secondly, you probably take a look at how much you paid in taxes.  Soon after you get over the disappointment of how much you paid in taxes, you probably go along with your day and get over it.  Have you ever sat down and thought about how much social security taxes get taken out of each and every paycheck and wondered if you will even get the money back that the government is collecting?  The unfortunate truth about social security benefits will eventually be gone and the amount of money that was originally stored for individuals to rely on when they become of retirement age will become a thing of the past.  This is due to baby boomers born in the 1950s.  The shrinkage in the social security benefit fund is not just a prediction it is a pure fact.  For example, baby boomers that were born in the 1950s have already started to reach retirement around the year of 2008, therefore already diving into the social security fund; this will continue to happen when we see each year a new cycle of baby boomers retiring.  In addition to this the baby boomers have not had enough children to replace themselves and the number of taxpayers will dwindle.  This is a key reason why the surplus will eventually face a deficit – you need taxpayers after all to generate your social security funds.  

Currently in the United States, this issue is brought up among top administration officials, but ultimately the change will lie in the government’s hands.   The government needs to step up instead of putting their hands in the cookie jar elsewhere and while trying to figure out and solve other nations problems, issues on home turf are rising at an unstoppable rate.