What will happen to Social Security?
Social Security, like all retirement systems, cannot support future retirees for 20 – 30 years or more under the current tax and payout plan. The tax is already very high – 6.2% paid by employees plus 6.2% paid by employers. Self employed persons and those owning their own businesses end up paying the whole tax – 12.4%. Given that the average American will not be able to afford to retire until age 72 or 75, it makes sense to delay Social Security payments until then. We should do the math, and just deal with it. We have made this into a political issue, but really it’s just a matter of simple math. Social Security is important to most retired Americans. The system needs to be kept intact and continue to honor its promise of helping to protect working Americans in our old age. We just need to redefine what old age is. 65 is no longer old.