Many of us know and have warned of the insolvency of Social Security. Today, March 25, 2010 we hear the announcement from the SSA (Social Security Administration) that outflow (benefits) will exceed inflow (FICA Tax Receipts) in 2010 - this year ! About ten years earlier than anticipated....
See: http://www.nytimes.com/2010/03/25/business/economy/25social.html?th&emc=th
This symptom is key to my message: All Americans need to realize the "Social Benefits" of Social Security will not work. The "Social Pension Scheme" is broken - the sooner we realize this, acknowledge this and make some changes, the sooner we can make progress on becoming Economic Adults rather than dependent - in effect Economic Adolescents.
So that is the "what".....
Now what?
I think we need to change our thinking about the defining and timing of this social concept called "retirement". Our system can not afford to pay 120 Million baby boomers a +30 year pension, in addition to all of our other expenses.
The sooner we realize the false promise (The Doubt of the Benefit) the sooner we can change our future and behavior.
I welcome your thoughts and perspectives.
Thursday, March 25, 2010
Subscribe to:
Comments (Atom)
