Social Security Faces Unfunded Liability of $8.6T, or $73,167.83 Per Household

CNSNews ^

[Sub-Driver]

Social Security Faces Unfunded Liability of $8.6T, or $73,167.83 Per Household By Christopher Goins April 24, 2012

(CNSNews.com) - Social Security faces an unfunded liability of $8.6 trillion, according to the 2012 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds.

The unfunded liability is the amount that has been promised in benefits to people now alive that will not be funded by the tax revenue the system is expected to take in to pay for those benefits. (The Social Security trustees calculate the unfunded liability for a period of 75 years into the future, from 2012 to 2086)

The $8.6 trillion in unfunded benefits Social Security is expected to pay over the next 75 years equals $73,167.83 for each of the 117,538,000 households the Census Bureau said were in the United States in 2010.

[Doe Eyes]

YES! AND IT IS NOT CHEAP!!!!! I wish people were so dang ignorant.

I thought the postal workers did, but I wasn't sure. What do you pay into? Will it support your retirement without taxpayer bailouts?

[Doe Eyes]

I did some looking into the Federal Employees Retirement System (“FERS”). Looks like its in worse shape than Social Security.

WARNING: The Federal Employees Pension System Is Running An Even Bigger Deficit Than Social Security

[Squantos]

Was intended for those that paid into it, earned their points and were 62.5 years of age or older wasn’t it ?

Now it’s used as BS welfare for losers that WON’T work IMO. Pandering criminal polidiots need their asses kicked.

My opinion only ....

[napscoordinator]

I work at the Naval Academy and pay 7 percent of my pay every month. I don’t know about the postal service either...lol.

[VF-51vnv]

Yep you are right...everybody thinks that Gov. employees have is soooooo good. WRONG. between reductions for heath care,medicare,life insurance, retirement,state and federal taxes...try almost $3,800 per month on $ 79,000 per year. Yep I am retired now after 34 years $49k net per year...still paying federal taxes on every check, plus medical and life insurance..they get you coming and going.Plus at 65 you HAVE to go to MEDICARE.I am so sick of these uninformed people.Now if I don’t go on Medicare add another $700.00 per month for medical/dental for just 2 of us on a private insurance company after retirement. I was not one of those who sat at a desk, I was a field animal...yep lots of overseas travel...mud..rain ..long hours,missed flights, etc. etc. So there you have it FLAME away...but be prepared.