2020 there will only be 2.4 or less for each retiree. By the year 2010-2015 Social Security is projected by the Government to pay out more money than it could take in. Since the current Social Security took in a surplus of $60 billion in the last few years with a projected total to be around $5 trillion they will have enough money to last another 10 years or so. All in all experts expect that Social Security will have spent every penny it has by the year 2030. In actuality the bankruptcy will probably happen about ten years sooner. See there is a catch to their surplus that not too many people know about. The surplus is put in to government bonds so that government can use that money to support other programs and to pay of other debts. Also when the government figures out the national debt they subtract that surplus to make the national debt look smaller. The problem will come when Social Security needs that surplus to support its program and the government has to pay of these bonds. The United States will go further into debt having to severely raise taxes and drastically cut government programs. Or they won’t pay the their debt and the American retirees will be out trillions of dollars. There are also two other contradicting factors that boggle the minds of almost all Americans. First as we all know the life expectancy of people is getting larger. In 1940 a man at the age of 65 could expect to live another 13 years; today they could expect to live another 17 years. The government figured by the year 2000 many people will have collected half as long as they have worked. The twisted part of the whole thing is that citizens are beginning retire and collect benefits earlier then ever. More than half of all retirees begin collecting benefits before they are 65. The average at which people began collecting went from 68.7 in 1950 to 63.7 in 1991. The Gove...
