In the US the government (both corrupt parties) has been blowing the money from Social Security since the beginning of the FDR inspired socialist failure. They've wasted trillions that could have given retiree's a decent retirement. All the while the wasters have had their own rich and private retirement plan. Their answer to the problem; Higher taxes,(more to spend elsewhere) fewer benefits to the dog food eaters and higher salary's to themselves.
"Brother can you spare a dime?"

mike from tucson, tucson, Az. USA

SS is a government administered farce. Money has been skimmed off for generations and will never be repaid. SS has been doomed for decades, the end has just been too far away for anyone to bother. It's a tax they are stealing from us. It should be eliminated. It's welfare for the elderly. It's socialism. It encourages stupid people not to save. A goverment that provides anything is a government that can take everything. Where can I sign up to opt out of SS? Keep what you have stolen, just let me out.

Art, Nashville, USA

My sister has a private retirement funded, my brother is drawing from a state run retirement program and I run my own business, despite government intrusion and send my personal retirement funds to overseas accounts. I take issue with people who think the goverment is supposed to support them in their old age. I'm looking forward to the day I can get a goverment check to pay my golf fees - that's about all it's going to be worth. If you take personal responsibility for your own welfare, amazing things happen - you become self-sufficient!

Stop whining and get a life. By the time the last boomers retire, there will be one world goverment and everything will be socialized. Just look at our fiat money that is being printed now. Monopoly money is worth more. The only thing that gives it value is the peoples' belief that it has value.

I welcome criticism - it gives me the opportunity to educate people who think they they know more than they know.

Richard, Beaumont, TX

Babyboomers are not going to bankrupt Social Security. Greedy politicians are bankrupting the system and they will not reform it as long as they can milk it for spending money or votes. Babyboomers are guilty of ignoring the problem for promises of being taken care of in their old age without having to do any planning or even thinking about it.

Bill Proctor, Burnet, Texas

Real nice, Mr. Social Security Commissioner. Blame the baby boomers for the stupidity of our government for even putting social security in place and for spending it for everything under the sun. Just what do you want to do to correct it? Oh, I know! Just take it away from the boomers.

I don't want my children to have to bear the burden. The liberals won't allow us to fix it the right way. They just want to raise the taxes even more.

Louise, Texas, USA

This problem has been developing steadily over the last half century as life expectancy has risen due to medical advances and better nutrition etc. But apart from that, in the UK at least, pensions have been paid out of taxation receipts - there is no "national pension fund" built up over the years from peoples' contributions deducted from pay. Rather like the Road Fund, raided by Winston Churchill in the 1930s (and ever since!), governments - of whatever party - seem quite unable to think sufficiently long term. Look around and you will see examples everywhere. Like the use of natural gas, fully 80% of which is burnt to produce electricity, not to heat homes despite its ideal suitability for this purpose. Meanwhile ten years and more have been wasted dithering over the essential construction of nuclear power plants. Its pathetic !

John Collyer, Skipton, UK

It's not our fault. Senator Kennedy and other Democrats said there was more than enough money to keep the system going, and that there were NO reasons to worry about the system--besides, FDR started it, and the current Democrats want to keept it just the way it always has been, though it's always been headed for disaster.

So iti's not our fault..

Jim, Phoenix, AZ

While some boomers have done well there are many that
have not saved and will need Social Security to live.
We all have paid into the system, it's not the boomers falt
that the government has used the monies for other purposes!
The system must be fixed now! No one wants to tackle the
problems of SS or Medicare! They don't have a popular way to
reverse the errors of the past!

Les Jennings, New Albany, IN.

If you get all the illegals and fakers of disabilities off the fund it would be solvent. Besides, these "Boomers" paid into the fund their entire working lives. They are entitled to it!

JJ, Dothan, AL

Australia bit the bullet on this issue around 1980 with compulsory employee/employer contributions for a real superannuation system. The State pension will became a safety net for the minority. Unfortunately it takes 30 years plus to have any real effect.

The "baby boomers" have simply brought forward the problem that todays 10 taxpayers cannot fund 30 people who are about to retire. It is easier for governments to spend tax income solving todays' problems rather than to invest for the future. No political will !!

Governments are not run as businesses or you would see frightening unfunded liabilities in the balance sheets and the shareholders (taxpayers ?) would call in the auditors and sack the board.

Mike Wawn , Perth, Western Australia

Hmmm...Since 1972 over 45 million babies have been aborted. Just think how much better shape Social Security would be in if about 10 million of those dead babies had lived to adulthood and were paying into the system! I guess you can't have your cake and eat it too...

Look on the bright side, if we allow illegal aliens to become citizens, we can pay for their welfare, education, medical, and housing on top of our social security tax! Better yet, if Hillary becomes president, we get to pay for medical care for everybody!! Don't you just love socialism?!

Don Publius, Yorkville,

Social security would not be broke if the thieves in our government would not raid it for other uses.

Money that goes into it is regularly taken and applied else where. In essence, I.O.Us are left with it by our government to pay it back later (much,much later).

If they left it along, curbed their spending, it would be healthy. But we are saps for letting them get away with stealing it!

I am convinced that most of us Americans are gullible saps!
And government knows it.

m.J., Iowa, U.S.A.

The Baby boomers have grown wealthy because of the increased value of their homes, and most of them are healthy because they do not smoke. Additionally, most of them are exempt from paying tobacco taxes.

Taking everything into consideration, there is no justification for them to retire in the first place, and even less justification for them to collect Social Security welfare benefits.

Ronald

Ronald, Los Angeles. , California

Social Security is the greatest fraud ever created. A giant Ponzi scheme that has allowed the Congress to loot the fund while leaving behind IOU's.. I couldn't get away with it

R. Burns, Tampa , Fla

I retired from BT in 1998 at the age of 49 on half pay.

I will receive a further increase to my income when I receive the state pension.

How times have changed.....

Mike Porter, Bristol, UK

I can sign up in January !

I still think Bush's proposal to allow younger workers the option of putting some of their Soc Sec tax in private accounts has considerable merit. However politics and demagoguery took over and it died on the vine (for now).

Stan(expat), Texas, USA

The UK is facing a similar 'Baby Boomers' retirement over the next few years. Those born between 1945 and 1960 or so will all be eligable to retire in the next 10 to 20 years.

Those who are young today, will they still recieve a State Pension, or will they be left in poverty if they do not have a pension plan of some sort now?

B Clarke, Chelsmford , Essex UK

I am at the tail end of the baby boomers, being born in 1960. It's like I've been following a plague of locusts all my life. Everything's all used up by the time I get there, I guess retirement won't be any different. Just kidding, sort of.

Mary, Oklahoma, USA