Social Security

The Social Security system will continue as is, until about 2015 when they open it up to include private investing. A small amount of opening it up will occur in 2008, but it will only be a minor change. Private investing and retirement accounts will eventually become the primary source of retirement income by 2027-8, we’ll see it become #1 with SSI becoming #2 based on funds amounts. It will start in 2015 but will take about 14 years before the mainstream population are using this method. Without major reform, by 2040, most people will see the writing on the wall for SSI even existing in any form, and by 2060, the SS system will be relatively useless. It’s possible that by 2065, the SS system will end all together, or it will be revamped to become an “also ran” secondary system rather than the primary system as it is today. In a sense, at that time, it will be for those that would like the govt. to be their retirement fund banker. (Added 8/10/05)

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3 thoughts on “Social Security

  1. Even the financial experts are in agreement on this article. I believe in 2014 the IRD, and the 401 accounts will be a part of the SS program as the first starting of change, and what will follow is pretty much your map of direction. You are on track – as usual.

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  2. What will happen to those of us who are the end of the baby boomers? Example, I’m on disability which in12 years will be changed to the ss. So where will that place someone like me who worked for years then became disabled? Scares me. Thank you.

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    • The changes will not replace SS, but rather add to it. The changes I see coming won’t end SS. It will give more options to people in the way of electing to privatize their retirement accounts instead of SS. If a person chooses SSI, then they will continue as it has been. I do also see a strong desire and effort to change the retirement age to 67 instead of 65.
      At this time, I also see the changes happening closer to 2017, even though the work is being done to move in this direction now through 2016. 2015 will be the year much is solidified in the direction it’s going.

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