Question

The funding of Social Security is a hot topic for policymakers. The Social Security Trust fund actually has no money in it and is filled with IOUs. Do you feel that when you retire there will still be Social Security available for you? If so, do you feel that benefits will be at present levels or tax rates will have increased? Has this discussion changed your plans regarding your own personal savings for your retirement?

Answer 1

At the current scenario, with a lot of IOUs in play, the social security at this generation working men can get to cease a lot unless there's a huge reform in the trend. Apart from that, if the tax rates are increased, then one can get to accumulate a bit more revenue and as it is a compulsion in many US companies, people tend to bind with it and with that the social security can be made available on the whole. With this current scenario, the personal savings apart from the health schemes, got to increase to tackle the problems that will be accumulated in the future on the whole.