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A new survey published by leading legal information website FindLaw.com, has highlighted that Americans do not have a lot of faith in the current Social Security system standing the test of time. According to research collected by the site, only 31% of American adults surveyed by the website felt sure that the benefit system would remain in place for their retirement, leaving 39% feeling less than optimistic with the remainder sure that the system would definitely collapse before they reach retirement age.
How vital is Social Security to older Americans?
A huge number of Americans are partially or wholly dependent on this form of financial aid. Currently, 64% of those who are 55 years old and older rely on Social Security. Of this percentage, more that 56% of retirees surveyed by FindLaw said that Social Security comprises more than 75% of their income in retirement or is in fact their only source of income within their retirement. This equates to millions of Americans for whom Social Security is a lifeline.
Why the system may not last
More Americans are living longer, placing more strain on the system to provide retirement benefits and Social Security checks. With so many relying on this as a source of support and with age expectancy increasing with better healthcare, Americans are understandably looking towards other forms of funding for their retirement.
What are some alternatives?
In order to adequately provide for retirement in the event of Social Security benefits drying up, there exist a number of alternative sources of income. These options are also suitable for those who currently receive Social Security benefits but find that they do not adequately provide for enough on which they can survive.
Consumers can consider speaking to an attorney that specializes in estate planning or tax laws in order to look at new investment plans. For individuals looking to borrow money, there are a number of reputable online sources for personal loan comparison from American lenders.
What to do if you receive Social Security but it is not enough
If you work or are retired and in receipt of Social Security benefits, there are options for you to increase your monthly cash flow in both the short and long term. Going online and researching what options are available is a good start – you might find it helpful to use a site that compares all of the possibilities that may apply to your unique set of circumstances.
Do you receive Social Security or some other form of governmental assistance? How far does it go to cover your expenses and outgoings? Do you think that the current system can sustain itself into your retirement and beyond or do you think, like the majority of Americans, that this is doubtful? Whatever your viewpoint, we want you to tell us. Share your views with us by posting a comment, below!
A Roosevelt Scheme is a Roosevelt Scheme is a Ponzi Scheme is a corrupt system.
Problem; Government forcing Americans to pay into SSI, using SS for a slush fund instead of investing the money wisely. 2. Cut all foreign aid to countries that hate us and want to destroy us. 3. Give younger Americans the choice to pay or not to pay into SSI. From what I was forced to pay into the system at 3.5% return I will have to live to the age of 89-90 to exhaust all benefits..
Delete ALL government agencies not provided for by the constitution. We’ve funded SS, now is the time to pay it back to us.
Just love the phrases “this form of financial aid” and “placing more strain on the system”. ~rolling my eyes~ And why are people dependent on it? Could it perhaps be because they were forced to pay with the promise it would be returned when they retired???
It is sad when *the majority of people have paid into the SS system* and will get so very little from it. The program has been *ABUSED and MISUSED*…those in charge who should have been looking out for the citizens best interest *BORROWED MONEY* and never put it back. People should either be *reimbursed back the full amount or be able to draw their payments*….can you imagine just HOW MUCH INTEREST this money has made for the government for many, many years?