In five pages this paper examines the U.S. Social Security system of the 21st century in a consideration of problems, privatization alternatives, and Generation X. Four sources are cited in the bibliography.
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were set and that they would rely on Uncle Sam to see them through their elder years. This is not the case today as Gen-Xers and even younger generations worry
that what is now an entitlement program will dissolve by the time they turn 65. Indeed, a significant impact on the post baby boom population will be related to the
potential changes in the Social Security System and whether or not it can sustain itself in the future economy. It should be noted that Social Security is not
something that had always been around. During the early 1900s, people did not retire; they would just work indefinitely, but life expectancy was more in line with the age
of 50 (Vinzant, 1999). That is more like middle age today and people look forward to the latter years when they do not have to get up early and go
to work. Neil Howe, co-author of Generations, looks at the psychology of each generation and how its members handle money. He explains that ones generation does influence how
a person prepares for retirement. For example, the GI Generation which includes people born between 1901 and 1924 as well as the Silent Generation born 1925 and 1942 would save
money in reaction to their parents poverty and they reaped the rewards of Social Security (1999). Boomers, on the other hand, tend to spend lavishly, are willing to go
into debt, and will more likely than not see their Social Security benefits decline (1999). Unfortunately, if Boomers are not able to make it through a sustained Social Security
trust fund, future generations are doomed. At least, that is what appears to be the case. Part of the problem is that the boomers exist in such great numbers so