Gov free credit report Kentucky

To summarize, yes Social Security shares some traits with Ponzi schemes in that money from new participants goes to earlier participants.

However, it relies on a rather straightforward transfer and does not depend on an exponential growth of new participants to be sustainable. What I pay into Social Security today goes straight to a current retirees Social Security check. When I retire, my paycheck will be supported by a younger workers taxes.

The problem is, that the ratio of workers to retirees is getting rather low. In 1950, there were 7.3 working-age people for each person over 65; now, the ratio is 4.7 to 1, and it is scheduled to drop to 2.7 to 1 by 2035. free 3 credit report

[Source] gov free credit report Kentucky Since people are living longer as well, the reality is that for gov free credit report Kentucky a 30-something like me, the math works out that there is little chance that we will get the same level of relative benefits that current retirees get. However, there will be no sudden Ponzi-like implosion. get a credit report Now, the government could smooth this transition out even more if they do the hard thing gov free credit report Kentucky and do some combination of higher gov free credit report Kentucky taxes, extending retirement ages with higher life expectancy, or lowering benefits. But politicians are usually reactive as opposed to proactive, so dont count on it.

Thats too bad, because people are more dependent on Social Security than ever.

70% of all eligible folks cant even wait until 65 to start taking benefits, many as early as 62, even though that means lower payments and likely a lower total benefit. fact free credit report This is why in general financial experts say you should wait as late as possible to get a higher payment for the rest of your life.