How The Social Security System Affects Younger Generations

For the next 19 years, every day approximately ten thousand baby boomers retire. This results in double the number of people collecting benefits compared to the number of people paying taxes.

The federal government will need to pay off 2.5 million dollars that it owes to the Social Security Trust Fund, which consists of IOUs that will need to be repaid by younger tax payers. In short, taxes will need to be raised or the government will need to borrow money elsewhere to cover Social Security payments.

One both sides of the story, some feel the Social Security scare is made up by those who do not like the government. Meanwhile, government officials claim that the Social Security system is just fine.

Unfortunately, the facts state that in the late 2030s when the fund is exhausted, Social Security will only be able to pay 75 cents on every promised dollar. Therefore, taxes either need to be increased or other government spending must be cut in order to keep Social Security running.

In short, the problem should be addressed now before future lawmakers need to borrow money from other programs. Many Americans feel that these government officials postpone these difficult and serious issues until the problem is no longer avoidable and must be addressed. By then, the damage has been done and the system is worse off than before.

The longer today’s lawmakers wait to address Social Security system issues, the larger the number of people who will be affected in the future.

Categories

    I didn't think there was a caring professional considerate attorney firm on the planet, but Troutman & Troutman proved me wrong. From the receptionist to the legal assistance to the attorney and more they were exceptional people.

    - Robert S.

    They did a fantastic job getting everything gathered up and getting the trial done as quickly as possible. Anytime I had a question they were patient and help me understand what was going on. Especially Christy and Charlie were great.

    - Michael M.

    Steve Troutman was able to get my short-term and long-term disability for me. Then Erin another lawyer for their firm got my Social security disability for me. Great people.

    - Billy S.

    Mr. Troutman walked me through the entire process. Heather was available each time I called, answered all my crazy questions, and helped me fill out forms along the way. I was never treated like I was wasting time.

    - Julia C.

    Erin and Keith were fabulous! They were compassionate, helpful, and very responsive! They made the process very smooth and painless every step of the way.

    - Valerie W.

We Are Here to Help 

Free & Confidential Consultations
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.