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Financial Concerns About the Future of Social SecurityWill Social Security Have future financial difficultyIn my view Social security doesnt face a true financial crisis But it does face a crisis of confidence among younger workers One widely publicized survey showed more young workers believed in UFOs than believed Social Security would pay them full benefits when they need them By the time young workers such as myself reach the retirement age confidence should be very high in Social Security not low This is just one of the problems overlooked when discussing issues on the future retirement planThis crisis of confidence is the strongest argument to allow workers to invest part of their payroll tax in private accounts Social Security gives todays workers just a 2 percent return on their investment Bulling 21 Giving them a better rate of return even the 4 or 5 percent they could get from federal bonds would obviously help their retirement But it would also empower workers Workers would control their private plans and might for example choose to spend just their dividends and leave their stocks to their heirs When Social Security was launched in 1935 in the middle of the Great Depression there was no way to fund it like a normal retirement program by setting contributions aside for 40 years before paying out the first benefits Instead President Franklin D Roosevelt opted to tax active workers and use that money to pay benefits to people who were already at or near the normal retirement age of 65 Erickson That plan was a prize for the original retirees and those who followed in the first few decades of the program But the system of using most of todays taxes to pay todays benefits will come under severe strain when baby boomers begin to retire in 2015 and the surpluses now piling up in the system begin to decline By 2037 some experts think those surpluses will be gone
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