Social Security Must Change, But It Will Continue To Exist

Submitted by SSAdmin on Tue, 03/09/2010 - 18:23

In this informative video, Social Security Field Representative Edward Sarkies offers his opinion on Social Security's future.

"Hello, my name is Ed Sarkies. I work for the Social Security Administration. I'm a field representative at the local Kingston, New York Social Security office. One of the questions that were frequently asked at Social Security and you know it's an issue that's before the public on an ongoing basis and that is, "Ïs Social Security going to be there for me when I'm ready to retire? I'm 55 years of age now and is Social Security, from what I read in the newspapers, Social Security is in desperate financial straits at the present time or in the near future. Is it possible that maybe there's no money available for me when I reach age 62 or when I reach age 66? So what's the story on that topic?"

Well, I can start here and say that Social Security in a historical sense has existed making payments since January of 1940. It was passed into law in 1935. It started payments in January of 1940 and it has not missed any payments since that date to the present time. So it's a program of long longevity. It's probably the most successful government program that's ever been in existence. To make payments from 1940 to the present without missing a payment shows a substantial significant successful program. The government is not going to let Social Security flounder financially.

Changes definitely have to be made with Social Security. In fact, the financial outlook for Social Security if no changes are made in the way Social Security payments are presently being sent out, that is if no legislative changes are made, Social Security is going to not be able to pay all its beneficiaries by the year 2037. At that point, what will happen if no legislative changes are made, if no changes are made in the Social Security System, only 75 percent of the people receiving Social Security benefits will be able to receive their benefits? There is going to be a shortcoming or shortfall of about 25 percent at that time. So, of course, the system can't work. They can't continue to exist if that dire outlook exists. But what's going to have to happen is there is going to have a consensus, a political consensus, to make the important changes in Social Security.

What those changes may be? I don't know, but it's going to be basic things like either reduction in the amount of the Social Security benefit payments, changes into who these benefits are payable to, or on the other side of the coin, an increase in the amount of the Social Security taxes. Whatever it may be, Social Security is going to need some changes. It's going to need some legislative attention soon, so at that point, when these changes, these necessary changes are made, Social Security, I'm sure, will continue on as it has been since 1940, again, being the most successful government program that's ever existed."

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i`ll be 62 in aug,2011....could this affect me?

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