An article titled “Will Social Security be there when you need it?” misses the point. Social Security (SS) was not designed to be a total retirement program. Anyone think otherwise is in for a shock, even if Congress manages to avert the current crisis. And they will. How? The way they always do: borrow money and kick the can down the road.
Your grandchildren and their children will pay your social security payments.
As designed in 1930s, you were supposed to pay your own SS, but Congress “borrowed” that money decades ago to fool us into thinking the deficits weren’t so bad. So, it’s reasonable that they pay it back out of the budget. That would shift the burden to your children. But they can’t; they don’t have the political will. Borrowing to pay it back kicks the SS can farther down the road.
Is that fair?
No, but none of us want fair enough to take less SS or later. Because that would cause benefits to be cut—and we think we’re entitled to SS—and/or shifting the onset of payments later (but few are saving for their own retirement)). And, of course, politics will alter the outcome.
So, the can will get kicked.