Sep

17

Social Security Gov Retirement Benefits

Posted by cameron

September 17, 2007 |

This weekend I checked out the Senate Special Committee on Aging. I wanted to know what they are doing about Social Security, with emphasis on security. I’ll bet most people don’t even know it exists let alone what it does or achieves. They have a website where hearings can be watched on web casts. I picked up a few sound bites, which are disturbing to me:

 

Here’s one:

“Over the years, the Committee has been in the thick of the debate on issues of central concern to older Americans. As the baby boom generation begins to retire en mass, the work of the Special Committee on Aging has only just begun.”

A little late I would say.

Here is another:

“While Social Security faces a long-term financial problem, it is not in a “crisis” and it is not going broke. Social Security can pay full benefits for another 40 or 50 years, and after that - even if nothing were done - Social Security could still pay 75 to 80 percent of promised benefits.”

Sounds ok. I will be 91-101 by then. Not so good for my kids though. But wait! I recently received my Social Security statement, which reads:

“By 2041 the payroll taxes collected will be enough to pay only about 75% of scheduled benefits.”

That’s 34 years from now. Do they know?

And another:

“Senator Kohl (chairman of the committee) has supported legislation that set aside the Social Security surplus in a “lockbox” and that eliminated the earnings limit for Social Security beneficiaries over age 65.”

They want us to work forever. Fat chance!

You can find it here.

 


Comments

1 Comment so far

  1. MoneyQs » Blog Archive » Social Security Gov Retirement Benefits on September 17, 2007 9:52 pm

    […] Mysto wrote an interesting post today onHere’s a quick excerptThis weekend I checked out the Senate Special Committee on Aging. I wanted to know what they are doing about Social Security, with emphasis on security. I’ll bet most people don’t even know it exists let alone what it does or achieves. … […]

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