TITLE

Social Security: It Has to Be Our Issue!

AUTHOR(S)
Ungar, Alan B.
PUB. DATE
February 2003
SOURCE
Journal of Financial Planning;Feb2003, Vol. 16 Issue 2, p19
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article discusses the possible role of financial planners in solving the crisis in the Social Security in the U.S., as being supported by the Financial Planning Association. It is as important an issue, one that requires passion, courage and leadership. In the year 2009, the year after the first baby boomers qualify for benefits, the annual cash surplus of Social Security will start shrinking. From 2017 through 2041. Social Security will need to draw upon interest income and eventually will have to liquidate its assets. By 2041, the trust assets will be depleted, leaving Social Security with enough annual income to pay just 74 percent. From 2017 through 2041. The growth in Social Security costs will take place in the context of rising costs for other entitlements such as Medicare and Medicaid. The government could start by forming a Blue Ribbon Committee to create a financial plan for solving the crisis. The objective of the campaign would be to alert the public to the dangers of not solving the problem. The committee would consist of the best and brightest Certified Financial Planner practitioners in the country. Addressing the issue would be good for the organization and good for the country.
ACCESSION #
16940529

 

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