I don’t know about you, but I paid into Social Security for decades — amounting to tens of thousands of dollars over my career(s). Hence, for some reason, I tend to believe that someone owes me some money back..!? (Which by the way I am receiving, for now.) Ah, but it would appear that our government types seem to believe that Social Security is actually an ‘entitlement program‘.
I got on this subject because of someone sending me a ‘chain’ email about how Social Security has been declared an entitlement. Not to believe what I read immediately, I checked the topic via Google. Unfortunately I came up with the links below verifying what was said in the email!!
“So why worry”, you ask? Well, I guess my view is, if the feds wish to make it an entitlement, then I presume they will say at some point, “We don’t owe you anything. It’s an entitlement! If you need money old man, get a job!” Information I’ve found points to around 2033 as the “we’re out of money” year. Due to the program’s status they may shut down the program. Or, they may apply a ‘needs’ clause to it and say that I make too much money already — once again, get a job! Or maybe reduce my check size..?
If you think this is extreme, read some of the links below. And while you do, consider this, that according to the Social Security department, you need to only have worked 1/4th of your working life (21-62) to apply for and receive checks. Talk about entitlement?!
5 facts about Social Security — Note the graph at the bottom. Although they are saying that Social Security will run out of money in 2033, they are also referring to it as an ‘unfunded liability‘ now!!