The Troubles With Social Security

At one time social security was an issue in the political arena that has taken backseat to news from Iraq, Lindsey Lohan, Rosie and Paris Hilton's Picasso. There is not much talk about it in newspaper or on TV. President Bush brought the issue to us some time ago and it was squashed. Uhm? It must be fixed, right? Wrong. Most industrial nations can't keep the promises they've made to older people under their pay-as-you-go social-security systems, says two economists, Jonathan Gruber and David Wise, in a new paper for the National Bureau of Economic Research (NBER), in Cambridge, Mass. Despite the growing concerns of obesity in this country, people are living healthier and longer. The average life expectancy for U.S. residents is now 77.6 coupled with a 12-year decline in birth rate to the lowest level since national data have been available, according to statistics just released by the Centers for Disease Control (CDC). When the social security act of 1935 was passed, there was over 7 million residents 65 and over compared to the over 40 million today. The baby boomers are healthier then their parents and are living longer but have had less children. The US workforce consists of about 146 million with an unemployment rate steady at 4.6% or 6.8 million. That means there are only 3.65 employed individuals paying one retirement check. Either FICA has increased its pay roll deductions or there is a shortfall in the system. That is why the government has offered seniors delayed retirement for the benefit of increased pay outs. There is something wrong with society and our planning if an individual is still working at age 70. I believe 65 or 62 is too long to enjoy the rest of your life. And with the pattern of Americans savings extremely low, in some cases they have to keep working, because social security benefits are inadequate. Here is the deal, why invest in a program that does not meet your retirement needs when you do retire? Our company will assist individuals of all ages to undergo a free Financial Needs Analysis (FNA) and determine your path and vehicle that drives you to your proper destination of complete and total retirement. -----If you have enjoyed these topics and would like to hear more on these and others, my free weekly news letter is a must read. Just click here and you will receive an e-mail on a user name and password for the member’s only page which is still under construction). Thanks and have a great day------your financial advisor at http://www.financialadvisor4u.org/.