Question

Based on the current and expected future of the Social Security system:

What challenges face the System?

Can you expect to receive the level of benefits that current retirees recieve? Why or why not?

Answer 1

Challenges that social security system face:
Falling worker to beneficiary ratio: Enter duration of 2010 and 2013 it is expected that more than 70 million baby boomers would enter into retirement phase. Thus increasing the number of beneficiaries for social security system and there is no enough young labour force replacing the population of baby boomers.

Rising life expectancy due to advanced Healthcare facility and improved accessibility to medical aid and improved Pharmaceutical options. Therefore the people will live longer and would be able to draw social security payment for the period of extended lifetime.

Therefore you cannot expect to receive the level of benefits that current retirees receives at the US social security system is getting less secure as the time goes on therefore the young people should invest in private retirement saving solutions.