By how much money have baby boomers undercontributed towards their retirement with the SS?
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My Boomer Tips
The balance sheet of Social Security Trust fund
http://www.ssa.gov/OACT/ProgData/assets.html
shows .5 trillion in assets.
Lets eliminate uncertainties associated with increasing longevity and assume that .5 trillion would be enough to cover baby boomers without reaching into the savings of next generations.
In that case should the assets be in the form of say gold bullion, and the Treasury was still free of debt, then I would say that contributions of baby boomers were sufficient for the retirement.
It is not the case however. So,
By how much money have baby boomers under contributed towards their retirement?
Boomers vastly OVERCONTRIBUTED for decades. So many of us working and so few retirees collecting…
The excess has been skimmed off and fed into the general fund. One of the largest parts of the National debt is owed to Social Security.
When this nation has to start paying that back to Social Security, the borrowing will have to come from foreign banks – and pay interest outside of our country instead of back in like the debt to Social Security.
Americans need to raise taxes and buy Savings bonds – but we probably won’t.