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Why Social Security May Not Disappear After all

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    I recently stumbled upon an article that makes an argument that Social Security will probably not be disappearing any time soon. I know everyone, including myself has worried about it. I know I've said the common phrase "that's if Social Security is still around when I'm that age." These fears have been around ever since the program's creation. So there's bit of relief right there.

    The article states that many of the government's projections, especially the one where SS will run out by 2034, is full of errors. Economic changes are very possible in the near future. One for instance, Millennials outnumber the Baby Boomers. Once they reach their prime earning years, revenues supporting current retires should grow. The Social Security Administration can't take these possible economic changes into account when they run the numbers because they are using straight-line-math to project trends into the future. These projections could paint a somewhat okay picture of things to come, but they are what the article says "vastly inadequate for predicting what is likely going to happen."

    Groundbreaking Economic Developments:

    Few groundbreaking economic developments of the last few decades -- the Internet, China's rise, mobile technology -- were widely forecasted, much less by government officials. Whatever today's concerns, it is far too soon to analyze how tomorrow's unknowns will affect Social Security.

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    Yeah, talks of SS disappearing completely do seem to be pretty hyperbolic. Though I have to admit I do not really expect to see full SS benefits when I reach that age, mainly because it's so long away, and.. you never know what the government at large will be or look like at that point. It would be nice I suppose, but I'm certainly not counting on it. I look at SS payments as just a tax for living in the US to be honest, that I have to put up with. If I ever get some back, cool. If not, whatever.

    And that's what the detractors of the program throughout my lifetime have lead me to feel about the state of Social Security, apathetic.

    In reality though, cynicism aside, like the article points out we will be seeing several common sense reforms to the program over the next few decades well before it ever gets too terribly dyer.

    That means that yes, social security will change at some point, and will not be quite as good as it is even today, that's a guarantee. Rates will rise, even if just modestly, that's still a rise. Cost of living calculators and payouts will decrease. Stuff like that.

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    You make many good points there. It will more than likely reform and be a shadow of its former self, and the former being not so great to begin with. Looks like we need to start burying our money.