43 min listen
Social Security: On life support?
ratings:
Length:
54 minutes
Released:
Jun 15, 2022
Format:
Podcast episode
Description
When Social Security was launched in 1935, the average life expectancy for men was 59.9 years and 63.9 for women. Full benefits started at 65, so do the math! It sounded almost like a safe, government-guaranteed Ponzi Scheme, minus the scheme part.
But times have changed. The bad news, from an actuarial basis, is that we are living longer. A lot longer. A growing number of people are and will spend more time in retirement, getting Social Security, than they did working and paying into it. Again, do the math!
Optimists predict Congress will fix it. Maybe make millionaires pay Social Security taxes on all of their income. Maybe raise them for everybody. Others, including many young people, say it’s too late, or soon will be. That there won’t be anything for them 99 years after the program began. For an update on the fate of your Social Security, we invited Tammy Flanagan to be on today’s Your Turn radio show.
But times have changed. The bad news, from an actuarial basis, is that we are living longer. A lot longer. A growing number of people are and will spend more time in retirement, getting Social Security, than they did working and paying into it. Again, do the math!
Optimists predict Congress will fix it. Maybe make millionaires pay Social Security taxes on all of their income. Maybe raise them for everybody. Others, including many young people, say it’s too late, or soon will be. That there won’t be anything for them 99 years after the program began. For an update on the fate of your Social Security, we invited Tammy Flanagan to be on today’s Your Turn radio show.
Released:
Jun 15, 2022
Format:
Podcast episode
Titles in the series (100)
What is your plan B?: Are you planning to retire soon or leave your federal job? What happens to your benefits? Find out when benefits expert John Grobe joins host Mike Causey on this weeks Your Turn. July 26, 2017 by Your Turn with Mike Causey