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Is Social Security Headed for Extinction

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Submitted By stephtn709
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Is Social Security Headed For Extinction?
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February 22, 2011

Social Security is supposed to be the safety net that Americans can rely on when they retire. But unless you have been living under a rock for the past decade, you are aware of the controversy surrounding the fate of the program. We as responsible Americans have to take control of our financial future so that in the event that Social Security does fail to help support us in retirement, we will not be driven to live out our final years in poverty. The Social Security program started in 1935, with the purpose of ensuring that retired Americans would still have an income available to them once they retired. While the need for Social Security has not changed over the years, the lack of funds being obtained by the program has changed. As young Americans, the concern of whether Social Security will benefit us or even be available to us is an extremely valid one.
The Social Security Board of Trustees now estimates that based on current law, in 2037, the trust funds will be completely depleted (Werner, 2010). For young Americans who still have quite a few years left before they are eligible for retirement, this is a frightening reality. According to the 2009 Annual Report from the Social Security and Medicare Board of Trustees, by 2017, Social Security is expected to start paying out more than it collects in payroll taxes (Reuteman, 2010). There are several reasons for the decline in funds being collected. People are living longer with the advancements in medicine and the birth rate of Americans is lower than it has ever been in the past. Also, the Baby Boomers are beginning to retire and use Social Security benefits and the economy is still struggling to get back on its feet after the last downfall. As if this were not enough, many Americans are still unemployed due to the dip in the economy, so

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