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January 04, 2013

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Fermin Iduate

Hello Helen,
Regarding the discussion on Jan 6 th Sunday show regarding fiscal cliff, in particular the discussion on Social Security, I just want to point out that since the mid-eighties retires receiving Social Security payments have on average been taking out about $70k less cumulatively than what they put into the system over their lifetime. For a long time this was not the case as for the most part contributions went to pay for the generations of retirees who were under funded from inception of the system. But the baby boomers which are now in full process of entering into retirement with the current surplus averages will actually create a 3 trillion dollar surplus over the next couple of decades.

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