41% of Americans Don’t Expect a Dime From Social Security

Americans are losing faith in our Social Security program as never before.  According to a study this week by the Pew Research Center, more than four out of ten Americans think that there will be nothing left for them when it comes time to collect Social Security.   Even worse, an additional 31% believe that they will be receiving reduced levels of financial support from the government.  Consider that for a moment… 41% of Americans are being forced to “contribute” to a program that they believe will benefit millions of others, but leave nothing for them.  Let’s take a look at what CNBC.com has to report:

Americans have major doubts about the financial health of Social Security.

A new survey by Pew Research Center finds that 41 percent of Americans think there will be no Social Security benefits for them when they retire and nearly a third expect reduced levels of benefits. (Tweet This)

Some of those fears may be overblown. “People who think they will get zero benefits from Social Security are wrong and they should look at the facts,” said Andy Landis, a former claims representative for the Social Security Administration (SSA) and author of “Social Security: The Inside Story.”

Well, that should put our fears to rest right there!  Why, a former ‘claims representative’ for the Social Security Administration must be an expert on the subject.  Workers for the SSA are well-known for their competence, accountability, and of course, for how efficient they are with our tax dollars.   And claims representatives surely have the ‘inside scoop’ on the financial state of the organizations that they work for… after all do you remember the famous claims representatives who warned us that AIG was about to go under back in 2008?  Neither do I.

The Social Security and Medicare Trustees’ 2014 report projects that all the Social Security trust funds will be depleted by 2033. At that point, the agency will be able to pay out about 77 percent of retirement benefits from payroll taxes collected. By 2088, the trustees forecast the agency will be able to pay out 72 percent of benefits. (Studies from Harvard and Dartmouth project the trust funds could be depleted sooner than that and claim the Social Security Administration’s actuarial forecasts have been consistently overstating the financial health of the program’s trust funds since 2000.)

Who would you really put your trust in here?  The studies of Harvard and Dartmouth?  The 41% of Americans who feel that something is truly wrong here?  Or some 2nd level bureaucrat?

The Pew report shows Social Security skepticism varies by age. Among the 18-to-29-year-old Americans Pew surveyed, 43 percent expected they would receive no Social Security benefits when they retired compared with 47 percent of 30-to-49-year-olds and 31 percent of 50-to-64-year-olds. Pew polled 1,692 adults in the U.S., as well as 1,700 in Germany and 1,516 in Italy.

Of course doubt in Social Security skews by age.  Because younger people are becoming more intimately aware that they are getting screwed over.  They are paying into a program that benefits those who are in better financial shape than them.  They understand that they will never see a dime from Social Security.  And as this reality begins to sink in… Millennials and Generation X’ers are going to be pissed.

This blog is the place where the young Americans who are getting screwed by Social Security will finally have a voice. This week will be the launch of takebackyoursixpercent.com.  You can voice your opinion right here.  On this site, we can organize our voices to demand that every American citizen have the right to opt-out of paying into the Social Security program!  Check out our petition link on the main page, and you can let Congress know that you want the choice to opt-out of Social Security.  You can educate yourselves about the Social Security program through my upcoming book “How Are You Not Angry Yet:  How Social Security is Destroying the Futures, Finances and Hopes of Generations X, Y and Z and How We Can Put an End To It” and through this blog.  I hope you’ll join me for this…Let’s make history together!

-R.J. Renza, Jr.

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