Social Security is already dead, right now its like keeping a corpse "alive" through life support machines. The most conservative estimates show it completely defunct by 2025. From reading the posts I see allot of people still think there is a SS trust fund, NO THERE ISN'T. The trust fund was emptied years ago.The Social Security Administration Trustees were only able to invest the funds into venues that were insured by the government, to put this into everyday speak, the way the trust fund of old gained interest was buying Government T-bill, or bonds. What happened was approximately 2.6 trillion dollars of the trust fund was "invested" in bonds, this allowed a certain administration to show that the government was no longer in debt and actually had a surplus. The trust fund at that point went broke, what it contained then and contains now are essentially IOU's. There are no real assets and no cash in the "trust fund", that is why I stated earlier there is no trust fund, although it exists on paper there is nothing in it. As the "Boomers" continue to retire the system becomes more stressed. Back when the SS program started you couldn't draw until 65, life expectancy was less than 70, so very few ppl drew benefits longer than 5-7 years. For every recipient there were 7-9 workers contributing. Now it's not uncommon for people to draw for 20+ years, add to that there are only 3-4 workers for every recipient, as more "Boomers" reach 62 the ratio of worker to recipient gets worse. When we reach a point that there are only 2 or less workers per recipient, the FICA tax rate will have to change to match what the average recipient receives! Workers will have to pay around 1000 bucks or more per month to finance SS (Social Security) in addition to their usual taxes. Changes have to be made, drastic ones, for SS to last more than 10 years. The age at which you can start drawing benefits will have to be raised, I also think there will be a needs test assessed as well, in other words if you invested and prepared for retirement don't plan on receiving any SS benefits, there are thousands upon thousands of SSI recipients. SSI is SS benefits paid to ppl who never worked a day but due to disability or other limiting factors can not work, the rate of SSI is around 700 bucks per month. The SSI program is where most of the fraud and milking the system occurs, it is also easier to get than true SSD ( social security disability). I know of people put on SSI due to alcoholism, drug addiction, depression, carpal tunnel syndrome, the list goes on and on. It is also a huge amount of money that the SSA pays out per month.
If you really think the SS Trust fund is real and self supporting, then ask yourself this question: "Why are we told during every government budget crisis that Social Security benefits cannot be paid?". Either we have the money or we don't.