IMO, I look ai this issue as if social security is doomed. Why? Because, then I'm not overly reliant on SS when and if I reach 65. If it is there for me great. I'll use it AS A OTHER SOURCE OF INCOME Not as my main source which so many Americans are dependent one. This mindset forces me into other endeavors in which I can develop skills that can be parlayed into making more income. And, so now I have 2-3 other sources of income when and if I reach old age. SS was never meant to be used as the primary source of retirement income, but it seems to be the case for so many Americans. If it's there great. If not, then I'll have other sources that I can draw from. A 401k, Roth IRA, investments, rentals, maybe an online business, etc.
What really needs to be talked about is the issue states are going to be faced with government pensions. This is a HUGE train wreck waiting to happen as millions of baby boomer teachers, police, fire fighters, city workers retire and put strain on the pension funds. A few states are already having issues. In NJ, we are about $0.32 on every dollar of funding. Mitch McConnell wants his state to be able to back out of their pension obligations to retirees. There is a state (can't remember) that had gone insolvent and has so little funds left that the police union is suing them fur under funding they pensions. Ted Sedelle, a SEC whistle blower talks about how dire the situation is, and talks to police, and fire workers and is very blunt about how they should be developing other forms of income just incase the pension money dries up. He had an UPS worker on his show, and that UPS worker talked about how his pension was stolen from under his watch. He was supposed to retire with about $50k a year. Instead, the state took the pensions over after the hedge fund manager robbed him, and he was left with about $1k a month. He's still working btw. He can't retire. Most people are oblivious to this. France, Brazil and Japan are going thru the same issues as well.
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