There is an event next week on “Social security and the next generation”, it is a fairly impressive line-up of experts that will share their knowledge with a room of industry experts.  I cannot seem to put down the agenda.  I think about this event all the time, I have even googled the speakers and read up on some of their research.  I have attended numerous events on this topic, why is this one so different?  After tossing and turning last night, I finally realized why this one is resonating with me so much.  I am finally at that age where retirement is my next major milepost.  Up until now, I could still fantasize that I would switch careers and make a lot of money so that I could put away the millions of dollars most retirement planners are suggesting you need just to live AND pay for college tuition for our four daughters AND pay off our house.  I am realizing that there won’t be a major change in my financial future, that I will be one of those that rely heavily upon social security for my retirement.  Suddenly, all this work we have done for years on social security is not just for my parents and their peers, but it is for me.  This is personal!

So, what does my generation want to know?  We will retire right around the year 2033 when the Social Security trustees estimate that the trust fund reserves will run out.  Social security does not collect enough money every year to pay out their annual benefits, there is a trust fund that makes up the difference that is expected to be depleted in the year 2034.  After this date, we need to figure out a way to make up the difference or change the qualifications of the program.  For instance, does that mean I should expect a portion of the social security that is listed on my current social security statement.  (If you don’t know your estimated number, create an account with social security and find out.)  Should we not count on receiving social security at all?  Will the age of retirement get pushed back again?  Or, will social security end up becoming a welfare program designed to benefit those that cannot afford to live without it.  We want some assurances, at the very least, we need to have a real dialogue with my generation, the first post-trust fund generation.  If the plan is to cut our benefits, we should demand that Congress tell us now.  It is time to stop kicking this particular can down the road.  We deserve a straight answer.

What would you ask a panel of experts on social security if you had the chance?