http://www.msnbc.msn.com/id/4371103/ "Federal Reserve Chairman Alan Greenspan urged Congress on Wednesday to deal with the country’s escalating budget deficit by cutting benefits for future Social Security retirees."
It's gonna happen, so prepare to rely on your own personal savings for retirement. SSI was a huge Ponzi scheme, it's only a matter of time before benefits get trimmed back. Politicians will blow smoke up your arse, but there's nothing they can do to make ends meet, eventually they will have to cut payouts.
I read a little footnote on my Social Security statement, the one that estimates how much I'll be getting per month when I retire. It says something like "your actual monthly payment may be less. Congress can change payouts at any time, and Social Security reciepts are expected to be only 74% of payouts by 2042".
I've got a long way to go before I retire, but I'm glad I've been saving my own money instead of expecting Uncle Sam to pay for my cat food. I've already paid around $90K into Social Security and I'll probably wind up with a tiny monthly check from it when I retire. And the younger you are the more you'll get hosed.
ra
