Will Social Security Survive?
Lady Narrator: By the year 2016, Social Security will spend more than it collects in taxes. This gloomy forecast has many wondering if they will get any money once they retire. Although Andres Vido is only a few years away from retiring, he shares this concern.
Andres Vido: In this situation, I would have to continue working. One comes to this country to work and progress to find a better way of life. We hope this new president will take care of this. God help him, so he could be able to defend us. If not him, who will?
Lady Narrator: He is among the 78 million baby boomers eligible for early retirement benefits at the age of 62. Although he still has three years left, he is afraid to lose his job before then.
Andres Vido: In my job, they have let go of 80 percent of the workers. They have been laid off and right now, we are only working four days.
Lady Narrator: The good news, he says, is that he has done enough not to depend solely on pension benefits.
Andres Vido: I have been working my way up to save money, here and there, with the goal that I don’t face any problems in the future.
Lady Narrator: And thinking about the future is what he says he has done since he came to this country from the Dominican Republic.
Andres Vido: Since I came to this country 15 years ago, I had bought one of my lots 9 months after I got here. I bought a house through the bank and the other ones I had to work so hard for to build them.
Lady Narrator: But not every future retiree is as prepared as Vido, that’s why there was a push for a reform and the options being weighed into saving Social Security include raising the full retirement age from 65 to 67 and raising the cap on wages, so the higher-earning workers pay more. Even though experts say baby boomers have their money secure, only time will tell if Social Security benefits will last for generations to come.
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