Americans Seek Social Security Where They Can Find It Skip to main content

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Americans Seek Social Security Where They Can Find It


As Baby Boomers age into their rightful place at the retirement table, Social Security appears to be running into the red—literally paying out more dollars than it’s taking in—even after decades of prosperity and pay-outs.

According to a recent article in, this could leave many who do (and will) depend on Social Security in a rough economic spot during already tough financial times. “For the first time in nearly 30 years, the system will pay out more benefits than it receives in payroll taxes both this year and next, the government officials who oversee Social Security said on Thursday,” reports Annalyn Censky of “And while Social Security cash flow will likely head back into the black for a few years after that, starting in 2015 it looks to stay in the red for the long haul, the trustees said in their annual report.”

As a social program funded by American payroll taxes since its rollout during the New Deal, Social Security encompasses many social welfare and insurance programs, including unemployment benefits, Medicare, and precious payments to the retired, disabled, and other disadvantaged groups. In short, people who work pay in and withdraw when they can’t or don’t.

Yet, as mentioned, according to industry experts, during the next couple of years the Social Security system will reach a tipping point: paying more benefits to dependent Americans than it can collect in taxes, diminishing the fund and benefits for the nation’s neediest people. While the Social Security drain could begin to reverse itself for a few years following 2011, some fear the fund could be depleted by 2037.

What’s to blame then for this severe Social Security shortfall? Like everything else: the Recession. Surging unemployment rates, at near double-digit levels, have meant that fewer Americans can contribute to the Social Security pot, with more people withdrawing in the form of unemployment benefits. In addition to the strain of unemployment benefits, less work means many more Americans are simply foregoing the job hunt for an early retirement, meaning another payment drain on the Social Security gravy train. Finally, stimulus needs have meant higher than usual Fed borrowing from insecure Social Security coffers.

So, you might wonder, what does this Social Security insecurity mean for you? In essence, it’s just another sign that average Americans can’t depend on Federal programs to get them through this lingering financial downturn. As another in long-line of government “in-the-red” red flags—ones that have also included warning signs of dwindling unemployment funding and stagnant stimulus spending—Social Security concerns mean you should avoid depending on social welfare programs as you plan your retirement.  This leaves personal retirement savings and investments as your sole, [guaranteed] source of stability in your later years.

Unfortunately, if you find yourself facing financial insecurity, with no real income, drowning in debt, and/or suffering from a lapse in benefits, it may seem nearly impossible to start saving for your own social safety net. Yet, this is the exact circumstance for which bankruptcy exists: allowing Americans just like you to clean and clear their financial slate to begin putting money where you need it—out of the clutches of your creditors and instead accessible in your own accounts.

Knowing a qualified bankruptcy attorney is the first best step to help you regain your own “social security,” conquer creditors and face these exact financial fears, yielding—with the right kinds of support, information and insights—at a low cost— a viable and secure future.  The bankruptcy experts at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Just call toll free to +1-919-646-2654, or during the off hours, you can make your own appointment right online at Simply click on the yellow “FREE Consultation Now” button.

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