/ Ask Terry Questions / Social Security — Why Should I pay into it?

Social Security — Why Should I pay into it?

By Terry Savage on September 12, 2021 | Wild Card & Pandemic Related

I heard on WGN9 news that social security will be out of funds in 2034, if that is the case why are we(42 years old) still contributing to this bucket?
When the my time comes for myself to retire I wont have any social security benefits.
I do contribute to my 401k, I have an IRA account but what else can I do to have enough when I get older.

Terry Says

The bad news about the Social Security Trust Funds is NOT new news! This has been projected for years. I’ve been wondering when the younger generations would rebel at these mandatory contributions. Then again, they ARE mandatory –just as income taxes! And you don’t get to withhold from paying taxes because you don’t like what the government is spending your money on!!
Anyway, this is a basic promise of the government. So when the time comes they will just “print” the money to pay the promised benefits — just s they’ve done for everything else. They will “borrow” the money by selling US Treasury debt — and the Fed will buy the debt — and pay for it with newly created liquidity.

Now, what those dollars will be “worth” when everyone catches on? That i9s the $64 TRILLION dollar question!

money

ASK TERRY

a personal
finance question