How to Prepare for the End of Social Security

Younger workers need to gear up for a reduction in benefits

June 16, 2009 RSS Feed Print

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Uncle Sam opens up his wallet, but it is empty.

For Thierry Dongala, vice president at Americans for Generational Equity, a youth advocacy group, the main concern is getting younger people a voice in the debate over public policies such as Social Security and Medicare. "Young Americans are becoming a minority as a group. So it's not a civil rights issue in the traditional form, but it is because we are now a minority who is being asked to foot the bill for the majority," he says. "It's not like we want to create generational conflict, but what we are asking is, 'Let's have a seat at the table.' "

Among the potential changes being discussed at that table are raising the retirement age, increasing taxes, and encouraging Americans to save more on their own. Robert Bixby, executive director of the Concord Coalition, which advocates fiscal responsibility, suggests a mandatory savings program where people would contribute money that would go into a personal account. "If we made a national mandatory savings plan, younger people would benefit from that, because over a working lifetime, they'd be likely to do fairly well.... It would help boost the benefit back to where they might have been before you had to make cuts," he says.

Kotlikoff adds that because the stock market and real estate markets have seen such drops, young people could also benefit by buying up cheaper assets now.

Adds Dongala, "This issue need not be something that divides us. This is something we should be united around so we can protect the future interests of all Americans."

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Why We Should Abolish Social Security - https://www.youtube.com/watch?v=ZTQdge6C5xk

Mike of VA 11:45PM January 26, 2013

Your a dumb ass

BabyCee of IA 7:41PM July 26, 2012

I read the previous statements about the elderly basically should have invested better and they are getting what they deserve.
I am a Disabled United States Army Veteran, I was injured fighting for your rights to say what you want, when you want. I was suppose to stop working immediatley after my years of service and becoming disabled. I love working so, I continued to work full time and then some. One day I was at a stop light and I was rear ended by some excited teen drivers who weren't paying attention and they hit me at approx. 65 MPH. Needless to say, I broke my neck, broke my neck in multiple places, tore my shoulder and re injured my knees. I have had 9 durgeries in 10 years and need several more over time and I am not allowed to work anymore. I collect Social Security Disability because I have no other way to live and I have no choice in the matter. I did not retire from the Army and I was disabled before my 2nd tour was up so, I only get 10% for now and I really rely on Social Security. I am 39 years old and before I actually went on Disability, I had more than enough working credits to qualify for Social Security retirement and I am not even 40 yet. I have been working and serving full time since I was 13 years old. I did not go to college, I wanted to serve my Country as my Grandfather and those before him did, it has been the greatest honor of my life. I did not ask to be disabled from a car accident I could not prevent and yet there are those who feel I should have done things differently in my life so I wouldn't be on Disability right now. To those people I say, YOU would not be where you are now saying what you want and living free had it not been for myself and all of my Brothers and Sisters who took up arms to protect your very freedoms. Some people don't have a choice. If WE didn't fight for your freedoms that you enjoy everyday, YOUR life would NOT be the same. Social Security is a privilage that should be available to all those who are legal citizens, those that have contributed, and those that really have no other choice. Did you know that in the military, they don't offer a 401K? And what would you say to Soldiers families that have paid the ultimate sacrifice for your freedoms? Would you tell a grieving mom that her Son or Daughter should have done things better and that they would not be dead right now if they were smarter? For those of us that have served whether we saw action and became disabled or not, it was the greatest honor of our lives to serve for our countries and almost every soldier would do it all again. That is the choice we made for our loved ones and for you. The only thing I find unfair is that Social Security benfits are being paid to non citizens and to people that actually have a choice and CAN in fact work for a living. I know people with fibromyalgia that draw Disability benefits and fix their own cars, mow their lawns, shovel their snow, etc. Put the blame where it belongs. Some have no choice.

Michael of MN 9:43PM July 29, 2011