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Marino on Money: May 21

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What will social security be like in the future? According to the 2009 Trustees Report, the system will pay out more in benefits than it receives in income starting in just seven years. In 2037, less than 20 years from now, the trust funds will be depleted. We may only have 75% of what we need to pay benefits. The current system is not sustainable. Period. Unfortunately, many politicians and voters are unwilling to make changes, at least for now.

What can be done? First, trust the math. The numbers do not add up. Second, don’t be an ostrich. We cannot bury our heads in the sand and ignore the problem. This one is not going away. Finally, demand action from the politicians. Before I vote for someone, I want to know what they are going to do about social security. When we, the people, want social security to be reformed, the politicians will do it. But right now, they seem afraid to mention it. Too many people will not vote for them if they threaten to change the system.

Fixing social security is no different than balancing the budget. Again, if we demand it as voters, the politicians will probably do it. It wasn’t talked about much in the last election cycle. Maybe it will be in the next cycle. If not, I’d expect everyone to be talking about it in about seven years.

If you have a financial question for Ross, you can use the Marino on Money page.

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videoSocial security is something almost all of us pay into, but is it a system we all will benefit from? Financial planner Ross Marino has more on the future of social security.

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