Politics Surrounding Social Security

 

Politics surrounding Social Security

In the years to come, the Social Security program will play an important role in the US political scenario. The baby boomers form an integral and significant part of the US population. It would be difficult for any political party in the US to ignore the needs of the baby boomers, vis-a-vis the Social Security benefits. The future of a political party is likely to depend on how best it can address the major points of concern related to the Social Security program.

Does the government have a specific plan to improve the Social Security benefits program?

There is no specific plan as yet, but the President has proposed principles for reform in the Social Security program. This includes preserving Social Security benefits for current retirees and future-retirees, not increasing Social Security taxes and creating public awareness for voluntary personal retirement accounts.

So, are the golden days of Social Security benefits over?

Social Security benefits will always remain an important part of retirees’ retirement income. However, you should be aware that Social Security cannot continue on an as-is basis; changes will be required. You should not count on Social Security providing your entire retirement income. Plan on making maximum use of your employer-sponsored retirement savings plans (401(k) plans), company pensions, and personal savings through traditional IRA’s, Roth IRA’s, Keogh plans, and other retirement plans that are available. Consult your retirement specialist or investment advisor to enjoy a comfortable and exciting retirement. For more information on alternatives to Social Security, please visit our section on

“Alternatives to Social Security.”

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