Economy Rockford: Looking at the Future of Social Security

Financial expert Brad Gummow says seniors will feel the pinch especially after getting a 5% increase last year. And while that's the case now, problems for social security recipients are only expected to get worse. The pool of people paying in is decreasing. Right now it's three people for each person getting benefits. About 6% of our wages go to social security each year, and our employer matches that. You can start getting discounted benefits at age 62, but Gummow thinks with the graying of America, social security will need to be privatized to survive

In a few years Gummow thinks the ratio of those paying-in, versus taking out, will shrink to two to one. Gummow expects congress to raise taxes or increase the amount we pay order to fix the program.


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