While it's common knowledge that the baby boomers, for whom retirement is quickly approaching, are concerned with Social Security, they're not the only ones who should be. Younger generations, though they're likely to be focused on the rise rather than the sunset of their careers, should be equally invested in what's happening with social security. Illness, disability or an accident could lead to an instant dependence on social security disability benefits for anyone, at any age.
As the nation heads towards the 2008 Presidential election, the candidates' viewpoints on social security should be considered by all voters.
Republican candidate John McCain has spoken about his views on Social Security several times. Ultimately, he believes that the current system is not going to be able to be sustained into the future because more people will be receiving funds than contributing them. With the large numbers of baby boomers set to retire in the next 20 years, the funds of the current social security system could become completely depleted, leaving no funding for other retirees or those overcome by disabilities.
To combat this shortage in funds, McCain has mentioned a plan that will over-haul the Social Security system. This includes supplementing the current system with private accounts, a somewhat controversial position. While he doesn't advocate fully privatizing social security, he does consider supplementing with private accounts to be a strong option.
Raising the retirement age by a few years is another way the social security system could potentially save more money, as is raising taxes. McCain hasn't made his position clear on these possibilities, other than to say that he remains dedicated to considering all the options.
McCain has also emphasized his commitment to introducing a bipartisan plan for saving the social security system that will give Americans the comfort of knowing that when they retire, or if they need to receive social security disability benefits, the system will work for them.
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