Social Security Deficit on Student’s Radar

For people that are presently in college, having social security money to support them in the future when they retire from working may not be an option. According to USAToday.com the trust fund social security will go broke in 2041.

Social security is money that the government saves from worker?s incomes and is later used as financial support when the worker retires. Social security is also used to help people that become disabled and/or need health coverage, which is known as Medicare.

Sophomore, Howard University student Mark McGlone says, ?Social security will be the only income that will be coming in for me and I don?t think I will have saved enough money to live once I retire.?

Bush wants people to set aside money for retirement on their own; the college students that will be entering the workforce in a few years will set aside money in personal accounts and/or investments.

Some college students argue that they do not like the idea of saving money on their own for social security. They would prefer that the government forces them to pay the social security tax so that they will be guaranteed some form of monetary assistance, along with their healthcare.

Some students and workers say that they do not always think about saving money for the future because they have so many present financial obligations such as housing, food, and extra expenses. The present obligations take precedence over future money issues; retirement and health care.

Derrick Williamson 22 year-old, Rochester Film student says, ?When I graduate I will have so many loans to pay off. I don?t know when I will ever be able to save money for when I retire because I will have other necessities that will need to be taken care of.?

The board of trustees faces two options regarding the ways to deal with the social security deficit. The government can eliminate social security completely and force workers to save money for retirement. The converse of this decision would mean that workers don?t retire and work as long as physically possible to support themselves.

The other option that the government faces is to raise payroll taxes. Bush does not want tax Americans any more; therefore, the trustees are looking into other options that can be used.

Social security provides retirement, survivors and disability income for 47.6 million Americans and Medicare provides healthcare for 41.7 million seniors and disabled people (USAToday.com). Millions of college students will rely on social security in the future to support them.

So the question that college students face remains, how will the social security issue affect the way I support myself once I retire?