How can the average American help to save Social Security for future generations?Â
Since 1935 the Social Security Administration (SSA) has been a resource during old age Americans have come to depend on. According to the Social Security Administration’s Acting Commissioner, Carolyn W. Colvin, the Social Security Administration is in deep trouble. SSA is said to be facing very serious financial problems putting the fund at-risk of being able to provide the same level of benefits it has provided for generations.
Ms. Colvin estimates that without serious changes by 2033 the Social Security Trust Fund will only be able to pay approximately 77 cents for each dollar of scheduled benefits. Ms. Colvin also states that we need to resolve these issues to make certain Social Security is sound and viable for generations to come. We keep hearing about the demise of the Social Security Administration, but what can average citizens do to prevent the derailing of this freight train that carries precious cargo for too many Americans to fail.
What is the real problem? Social Security taxes are still being withheld from paychecks and organizations are still matching those contributions and we assume that proper and safe investments are being made. What is the real drain on the system? Are there individuals benefiting from the system who have never made contributions to the system? If that is the case, those individuals are not to blame. Apparently the system is set up to address such issues and if it is not so structured to provide for those individuals, then that kind of structural/operational amendment should not be so difficult. I believe we are still a nation who believes that the strong shall bear the infirmities of the weak.
I can imagine that there are a number of disabled persons receiving Social Security benefits who have not made a contribution to the system in terms of work because they were unable to hold down a job. I cannot think right off what the average citizen could do to help sustain the Social Security benefit to Americans upon reaching the appropriate age or becoming disabled. They cannot pay more into the Fund because what they pay is by statue. If the 6.2 percent tax on individuals were increased, would that solve the problem? I would rather think not. Also, putting another responsibility on the backs of average Americans would not leave a palatable taste in their mouths.
There are a number of very, very wealthy people in America.  Is there something they could do to help? I am not sure. Warren Buffett said that his secretary pays more in taxes than he does as a billionaire. Well, that sounds sort of quirky anyway – the lower earner pays more in taxes than a billionaire. Since Mr. Buffett was so honest and straight-forward about the status of his finances and also said he was willing to pay more taxes, speaks volumes. I don’t know the answer to the proposed question, but I sure would like to know what Mr. Buffett thinks about the issue. Did anybody ask Warren? Why don’t we ask him?
P. S. Always Remember to Share What You Know.
Dianna Tafazoli
