I've known since I was a wee little lass of 9 that I could never count on Social Security when I would qualify for it. Reagan was President and declaring how bad Social Security and MediCare is yet he still collected more than his fair share of both programs. But I digress...

My dad told me that Social Security might help his parents live meagerly in their old age and that really my granddad's pension would be providing their income as well as their children. But that Social Security payments do not keep up with the cost of living and that by the time I would qualify the cost of living would be astronomical. My dad said, "I hope you're ready to work to provide me with a SSI check because that's about as close as you'll get to seeing a benefit check from them."

My family and I still laugh at my grandmother, who was living on her Social Security benefit and her pension from MaBell, and how she voted for Reagan the first time because she mistaken believed that he was joking when he said he'd dismantle Medicare and Social Security and she thought he was a good actor back in the day. She later complained when her SSI check was lessened then in '83 she voted for Reagan again saying "He's soooooo nice. And he says his hair is naturally black." Yeah, sure Grandma.

Nope. I'm pretty sure I won't see a dime. Population explosion has made it difficult for social security funds to keep up. ANd, retirees keep living longer and longer due to medical technology and living a somewhat healthier lifestyle than in past decades.

Not confident at all.

Who knows what sting of presidential disasters we'll have after Obama? There is no way I'd wage my future, that is if I have a choice, on Social Security.

And I'm all for taxes that work. What I'm not for is taking $100 out of scrawny college paycheck for services I'll never get to see. I could use the $100 to go to the dentist, or take that $1,200 and take out less school loans. I haven't been to the dentist since I was 15. No dental insurance, my poor teeth. Must find sliding scale dentistry near by...

Jessie, look for dental colleges near you. They usually perform services for very little.

I knew a long time ago that SS more than likely would not be there for me. That's why I started contributing to my 401K in my 20's.

Ha... Social Security... my dad doesn't even plan on staying in the United States once he starts to get the checks. He reminds me often that it is just going to be way to expensive to continue to live in this country on that kind of money.

Its fantastic that my confidence in this government has been so low since GW walked into the white house; for I have done nothing but save.

nope.

I full expect to need my own private insurance because Medicare will be dead and to rely on my own retirement fund because Social Security will be dried up when I retire. I started my 401k as soon as I hit the work force at 22 because I know I'll need every dime of it when it's time to retire.

Even my parents who will be retiring in 10-15 years don't expect much from the government when they retire.

I laugh everytime I get that mailed from the Social Security Office saying how much I've paid in and what I could collect. Too bad I'm paying it all in now never to see it again.

I'm part of the 64% of youth who doesn't feel confident in social security! I really doubt it'll be around when I actually do retire. If I even can.

No way - and I am glad that seems like 100% of us agree that we won't see a dime.

Um, where are these 36% from, fantasyland?

I'll continue stuffing money in my mattress, thank you.

I don't expect to see a dime. Not even a penny! Don't know where that 36% is coming from... 33 people in on this Sugar poll and it's still at a 100% no confidence vote.

There's a reason I'm 25 and already seeing a financial planner, even though I'm under $35,000 a year in income... Because I don't trust SS. The baby boomers (my parents) will eat it all away. Not that it provides for much anyway...

The government has failed it's people in this area. This was a good idea at one point. Unfortunately, our representatives figured the country's population would continue to grow at the rate of the 50's, and instead of investing the money we've put into SS, they rolled it into the general fund. Now that the rate of population is falling, the babyboomers are going to take everything that I've put in, and I will be left holding the bag.

Exactly, UnDave.

So incredibly frustrating.

This is a joke. Young people should be able to opt out of paying it. Take the money for those who have paid into it from other entitlements.

I definitely think you should be able to opt out.

organic - I totally agree. But, SS even in its current state can't possibly be worse than some of the ideas that Barney Frank is floating around in terms of retirement plans.

Now this is important: what the liberals/media/whomever don't tell you is that benefits are also capped at $102,000... so yes a person making $500k pays the same amount (but lower percentage of their income) than the person making $102k BUT they receive the SAME benefit.

So my question is: if Obama raises the level of taxable income, is he also planning on raising the level benefits? If so, then what's the point - more money in, more moeny out.

I'm not holding my breath. That system is terribly broken.

But as far as the basic idea of paying into Social Security, I think it makes total sense to pay in when you're young, healthy, and working, so that it can be paid back out to you when you're too old to work and earn an income anymore.

Or you could just keep your own money and use it when you're too old to work and earn an income.

But organic - what would the government do for cash when it needs money to bailout the next big thing?

Well, they could always just impose a windfall profits tax on whoever is doing a little better than usual.

Like maybe the insurance companies after everyone in America is forced to buy from them? Now there's a concept...

The problem is we can't let anyone opt out Because there would be no money to pay the people who are currently on SS. As soon as we start letting people opt out, the whole system crashes, and the old farts lose what they should've been getting.

UD - I agree it's an issue, but I do think they need to phase out the whole thing... as cut benefits to those people not receiving them yet.

People wouldn't 'need' Social Security if they had planned not to have it. Right now, politicians are promising that it will be available... which is why I was so happy to read that the youngsters on this board are being proactive and saving for themselves.

Social Security was never meant to be a pension fund for all Americans, and there's no way it can be one now.

Our politicians should have the decency to tell young people to start doing for themselves before it's too late to build a proper retirement nest egg.

its a simple math problem.

the amount of people who will be going onto social security is like 3 times the amount of people that will be putting money into it.

We might as well think of another plan.

i still don't have faith that there's going to be SS when i'm old enough to retire. i think that based on where we are financially, there's little to no chance that 35+ years from now that there will be anything available for us to benefit from. it's a bit pessimistic and i'm not like that - but i can only think now based on the facts of how the situation is in America in 2008.