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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: kech who wrote (113101)	5/9/2005 9:47:13 AM
From: Mary Cluney	Read Replies (1) \| Respond to of 793957

And if there is a Large shortfall? I have not done the math, but how large can this shortfall be? You work an entire life time (40 to 50 years) and pay into Social Security. When you retire at age 65 you start to get some of that back - based on what you put into it. A lot of people die before they reach the age of sixty five. In many cases those people lose all they put into it. If you are lucky, you get to collect for 7 to 10 years. Many people die before then. If there is a shortfall, how big could it be? That is the solvency question. My guess is that the shortfall is a tiny, tiny fraction of the GDP. Why shouldn't the prior generation share in the wealth of the nation - the nation they helped to make great and prosperous. In the worst case, the short fall can be covered in many ways. 1. Means testing (those who don't need it - should not get it. 2. Increase the retirement age - reflective of today's life expectancy. 3. Raise the $90,000 income level where SS is being collected.