Social Insecurity

For the first time in 30 years more Social Security benefits are being paid out than taxes coming in. And an oversight committee has projected that in 2015 the fund could quite possibly be permanently in the red. This is not good news for the estimated two thirds of Americans that will need these benefits to just survive. Currently fifty percent of all baby boomer's are receiving early retirement benefits at the age of sixty two instead of full benefits at the age of sixty six. A whopping fifty three million Americans received benefits last year while only one hundred fifty six million paid into the system. This disparity will increase dramatically as the lions share of boomer's will take retirement income in the near future. The current withholding rate is 12.4% and half is paid by workers and the other half by employers. The Social Security trust fund which is currently 2.5 Trillion will be completely depleted by 2037. Medicare is estimated to fare better because of the recent health care reform legislation recently passed, but this issue should dwarf many of the most pressing issues this century.