If you ask people in their 20's or 30's whether they will receive social security payments when they retire, a large percentage will tell you no. With the news out of Washington this week, they have a right to be concerned. The government says that Social Security will now become insolvent in 2033 instead of 2036.
We need Congress to act now and take bold steps to make sure that future generations who are paying into Social Security will receive a check. Maybe the age limit for receiving social security needs to be raised again or the social security tax needs to be increased? What we don't need to do is study the problem again. That's been done. Now is the time for action.
In recent years there are fewer companies offering pensions. Most folks who retire depend on what they saved in their 401K accounts, plus what they receive from social security. The reason Congress needs to make changes now is so workers of all ages, especially younger ones, have time to adjust their retirement plan to compensate for those changes.
It would not be fair to wait 10 to 20 years, to make last minute changes that affects a person just as they are getting ready to retire.
That's our opinion, we would like to hear yours. Email your thoughts to firstname.lastname@example.org, or post your comments below.
WLOX-TV General Manager
Copyright 2012 WLOX. All rights reserved.