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How Secure is Social Security?

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  • Description

    FBN’s Gerri Willis on concerns about the funding for Social Security’s future.

  • Duration 2:02
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If there's anything we can be sure about the Willis report is that you our viewers jealously guard your Social Security benefits and frankly.

You can -- -- You paid into the system after all he should get your money back.

And today the AARP came out demanding congress not touch Social Security benefits.

-- -- -- discussing the debt ceiling in fact it seems there's general agreement Social Security isn't the most troubled entitlement program on our list.

The president for example described the program as structurally sound.

Maybe we need some tweaks but otherwise he and others maintain Social Security is stable.

Bot two academics from Harvard university and Dartmouth College point out that may not be the case.

They say the Social Security Administration under estimates how long Americans will live.

And how much money they'll need as much as 800 billion dollars short and they say the fund will run out of money even sooner than the government says.

Their analysis is based on some pretty logical assumptions people are living healthier lifestyles giving up smoking eating better.

As a result they live longer and demand benefits longer.

They note that forecasting methods for debt have barely changed since the administration was great way back in 1935.

Sounds like the government right 77 years we just keep doing at this same old way.

Look to ignore the future of Social Security is a big mistake.

The program ran a deficit 2010 for the first time in a quarter century spending 49 billion dollars more in benefits.

That it received in revenues and -- from trust fund to cover the shortfall.

The number of people age 65 and over will reach 80000080000000.

And 2040.

Already Social Security payments to beneficiaries jumped 70% in the decade ended than 2011.

But this is a system that is broken and needs fixing reducing benefits for some of the wealthy.

And raising the retirement age for future retirees are all tweets that need to be made we'll see if congress has the stomach for it.

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