How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask LawTalk Your Own Question
LawTalk
LawTalk, Attorney
Category: Social Security
Satisfied Customers: 35337
Experience:  I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.
15277592
Type Your Social Security Question Here...
LawTalk is online now
A new question is answered every 9 seconds

I was planning to retire in 6 years. I have a small pension

Customer Question

I was planning to retire in 6 years. I have a small pension and small savings. With my expected Social Security I should be able to manage. If the government privatizes Social Security before I retire will I get any benefits at all? I need to know so I can be prepared! Everyone I ask and everything I read seems politically biased and full of misinformation.
Submitted: 18 days ago.
Category: Social Security
Expert:  LawTalk replied 18 days ago.

Good afternoon,

I'm Doug, and I'm very sorry to hear of your concerns. My goal is to provide you with excellent service today. I've been a licensed attorney for more than 3 decades and I handle social security issues.

If privatization comes about it will be a gradual thing and those of us already at the doorstep of retirement will not be effected. The privatization would be put into place over a decade or two and during that time the FICA taxes would be slowly decreased and workers would pay into a private retirement plan----something similar to the present IRA/401K plans that already exist.

What you can be assured will not happen is that the millions of people receiving social security and on the doorstep of receiving it will not have the rug pulled out from underneath them. Social security benefits will continue to be paid for at least a few decades to come. The people who will be most effected by the transition to privatized social security will be the workers who are in their 20's and 30's right now because they will be paying both social security taxes and being forced to save for their own retirement. people in their 50's and 60's will continue to be covered by social security.

It is also quite possible that under the privatization plan, that social security may continue to exist long into the future as a back up to ensure a minimum income for people whose retirement plans did not do well because of a downturn in market forces.

So, in conclusion, if you are just 6 years away from retirement, there is virtually no risk to your ability to collect your social security benefit in the near future----or into your later years as well.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

Please know that I answer your questions in good faith, providing you with the information that you ask for, and I do that with the expectation that you would act likewise, and rate my service to you. Rating me costs you nothing as you have already paid the deposit for my help, or you are a subscription customer already. All rating does is ensure that I am paid for my time in working with you. So, please do be sure to rate my service to you. Rating is accomplished by clicking on the rating-stars on your page. Thank you in advance for your positive rating.

I wish you and yours the best in 2016,

Doug

Expert:  LawTalk replied 16 days ago.

Hi,

It is possible that your questions and issues might be better served by an in-depth conversation with me. If you are interested, you can request a call by clicking on the "Call Me" button on your page.

Please know that I answered your question in good faith, providing you with the information that you asked for, and I did that with the expectation that you would act likewise and rate my service to you. If I have already provided you with the information you asked for and you have no additional questions, would you please now rate my service to you so I can be compensated for assisting you? Rating me costs you nothing as you have already paid the deposit for my help. All rating does is ensure that I am paid for my time in working with you.

Thanks in advance for your rating of my service, It is greatly appreciated,

Doug