Social Security problems.

[moneysense]

We all look forward to retirement and being able to go on vacations, or play golf or whatever but it seems like eventually Social Security may become a thing of the past if the government cant figure out a way to get the program back in the black.

This was said about the program:

While nothing is certain until the laws actually change, those who are currently receiving Social Security will likely be spared the brunt of the changes. About the biggest risk facing current recipients is the potential that the "Cost of Living Adjustment" may be altered in a way that lowers the rate at which benefits are adjusted upward for inflation. Nobody is seriously talking about cuts to current recipients' benefits, just slowing the rate of growth for those payments.

People who are 10 years from retirement will most likely face bigger issues, such as a later retirement age and the following:

It's those who are more than 10 years from retirement that have the most to worry about. If nothing changes, benefits will be forcibly reduced (in nominal terms, not just inflation-adjusted ones) when the Trust Fund's accounting value vanishes about 15 years after that point. People more than 10 years from retirement have a real chance of still being around to feel the pain of those reductions and/or of still working as taxes are raised to try to cover the shortfall.

Plus since Social Security isnt able to give money to the Treasury, it creates still another problem.

Yes people are living longer but we shouldnt have to work into our 70s to be able to collect Social Security.