The US faces a Social Security Crisis Paper – Question Description
I’m working on a business project and need the explanation and answer to help me learn.
The US faces a Social Security Crisis
SS benefits are expected to be cut in less than 10 years, by about 23%. By the time you retire (after working for about 40-45 years), there is a chance you might not get money so it’s important to plan for that scenario. Remember that more government debt will certainly require more money printing, which increases inflation, which reduces and erodes currency values.
Read this article about social securityLinks to an external site. cutting 1/4 of benefits in less than 10 years. *You can click on the “3-minute listen” to play the article.
After learning this, what are your thoughts on the matter?
Do you trust the government to keep its promise to give you social security benefits if you pay into it for 40+ years (SS taxes will most likely go up very soon)?
If you were free to choose between paying into the government SS fund (and hope to receive something) or save the money yourself (IRAs for example) for the next 40 years, what would you choose and why?
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