Social security after the year 2020... WTF is up?

Question

how so that its said that by 2020, there will be no more social security income for the government to give back to the american people to live off of? what does the gov use it for before they give it to you and why isn't there going to be anymore for anyone who EARNED that money by working? how does it work?

Answer 1

I agree with Ron's answer.  The government has been s******g the public all along, especially since 1906 when the 250 richest billionaires had a meeting on a small island of the Georgia coast and divided up the world between them.

I would say, "Cheer Up", but it is only going to continue to get worse.

Answer 2

Everyone who retires after social security ends is getting ripped-off.  

Right now, working people pay for social security, and it goes straight to the people who are retired right now.  The government isn't saving your money to give back to you when you retire.

This is okay if social security doesn't end.  In that case, then when you retire the people working at the time pay for your social security income, so all is even and squared away.

However, if you're making social security payments now, and the program ends before you retire, you're screwed.

It's such a bad system since you're not guaranteed your money back.

Answer 3

SS is a transfer payment. The people who are working today are paying for those who are collecting today.

Due to falling birth rates today, and high birth rates 40 years ago, by 2020 there be only about 2 people working for every one person that is  retired. So either benefits will have to fall or SS taxes will have to rise greatly.

So have lots and lots of kids...they are the ones who will be paying when you retire!

Answer 4

Move to France, Switzerland, or Italy

Answer 5

Social security started as an investment by people who received no benefit from it and so it shall end...

Answer 6

I can tell you have allot to learn about government and taxes...

In short.. They spend every dime (and then some) that they get...   Never expect to get anything back from social security because it is nothing more than another tax... That is why your 401K is so important.

Answer 7

Thank the republicans. They gave tax breaks to the wealthy and stole the money from social security to pay for everything. THEY DIDN'T care and nobody cares now.

Social security is the "third rail" in politics now days and NOBODY is going to address it.

they can only hope that no one will notice their incredible incompetence.

Answer 8

We are JACKED my friend, sorry.

Answer 9

I will probably be dead by then, so wake up-you're on your own.

Answer 10

Forget.  It won't be there and by 2020 you kids might be slaves of the Chinese.

Answer 11

You ever heard of the U.S. Deficit issue (its not as prevalent in the debates as it was during the Gore/Bush debates as it is now w/ Obama and McCain b/c of the Iraq War and Gas Prices and Global Warming) but it is still a problem. U.S. has been in debt and a bad financial situation for a long time now. Gov't does not tell us anything and everything and we're usu the last to know.

They tax and keep tabs on us making us pay for people who are not working and currently qualify for Social Security, while we're in the dark about their frivolous spending and where monies are allocated, what happens to monies in Reserves etc. More money is going out than is coming in (alot evade taxes and have over extended our system with revenues and untaxed money U.S. dollars that go spent in other countries as well as that which is paid under the table. Our economy is Top Heavy, we have more Debt than money that is coming in to the U.S. So all resources like Social Security have been very much depleted and as a result will be nonexistent.  Sadly that's how it works.

People will have no choice but to hold their own (soon there will be no such thing as Welfare neither people will just be S.O.L.).

Answer 12

They use your social security payment to pay for the over 65 people now and then when you are 65 social security will be bankrupt so we will be screwed!

Answer 13

Quoted from source - Should answer most of your questions:

"In almost every financial situation that we deal with on a regular basis, there is the idea of an "account". For example, when you put money into a bank, it is understood to be "your money" and it goes into an account with your name on it....The Social Security system is nothing like that. In the Social Security system, the money you pay into the system gets immediately paid back out to the people who are currently getting Social Security checks. This arrangement came into being because of the way the system started. In 1935, when Roosevelt signed the Social Security Act into law, there were a lot of people who needed benefits (because of the Great Depression), but there was no money to pay those benefits with. The idea at the time was that people currently working would pay into the system, and their money would immediately go back out in the form of benefit checks. Each generation of retiring workers would get paid by the people currently working, and therefore the system would fund itself forever despite the fact that the system had no money to start with."

So basically the first people who got Social Security didn't have to put money into it to receive it. "In the future, the retirement of millions of baby boomers will hurt the ratio -- there will be so many retired people that the working people will not be able to support them."

Answer 14

What difference does it make? the world is going to end on December 21st 2012, as the proficy  by the Mayans, as well as the Bible Code, and other sources say.