Social Security: Will it be here when you need it?
The Social Security program has been providing benefits to over 47 millions workers for the past 65 years. It was originally created to provide some assistance to workers after retirement, along with their employee retirement accounts and personal savings. Social Security program is a sort of earned benefit insurance program, that provides benefits to workers and their family members for retirement, early retirement, disability and survivorship benefits. It is only available to those who work and pay taxes and the benefits are supposed to be available to the workers and their family upon retirement, disability or death.
This program was never meant to be the sole funds to be relied on by retirees. However, in these modern times Americans are saving less and receiving less company benefits, therefore reliance on the Social Security program has increased. In December of 2005, almost 48.5 million people received Social Security benefits on a monthly basis. In the next twenty years, the baby boomers will start to retire in large numbers and could likely create a strain on the Social Security program. Will the Social Security program still be around when we need it? After this years election, we will have a new Congress which will have a major effect on the program, so only time will tell!
Texas Law Today 