From the May 2010 issue of Boomer Market Advisor • Subscribe!

Social Security: Worse than we thought

Sid Salter of the Jackson Clarion Ledger writes of an overlooked issue buried in the health care hoopla, one that should concern us all.

"How utterly convenient that Americans learn one week after the health care reform package is approved in Congress that Social Security is worse off than we were told just six months ago.

"Americans were indeed told some six months ago by the Social Security Administration that the federal retirement entitlement program would see benefits paid out exceed payroll deductions paid in by 2016 and that the program's fund would be depleted by 2037.

"But three days after Congress approved the new public health care reforms, word came from SSA that the program would begin paying out more in benefits than it takes in from payroll taxes this year. Now that the country has strapped on a new federal health care entitlement, retirees and the 78 million Baby Boomers who aspire to be retirees find out that their retirement nest egg has been compromised by years of congressional mismanagement and the perfect storm of the current recession."

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