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Jonathan Tierney
Jonathan Tierney, Certified Public Accountant
Category: Social Security
Satisfied Customers: 322
Experience:  Tax Accountant at Praxair, Inc.
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Is the Federal Government going to get rid of Social

Customer Question

Is the Federal Government going to get rid of Social Security?
Submitted: 2 years ago.
Category: Social Security
Expert:  Jonathan Tierney replied 2 years ago.

Social Security was created by Congress by statute, and no matter what programs a prior Congress passes, a future one way reserve them. Federal courts have ruled that Security Security contributions are taxes, and taxpayers have no ownership interest in them. Therefore continuing Social Security is at the discretion of Congress.

However, Congress has always supported Social Security and would likely feel morally obligated to continue to pay promised benefits. However, Congress has in the past raised the retirement age and could do so again. In addition, it might consider "means testing" benefits so beneficiaries with higher income receive less benefits. However, when Congress changed the retirement age in the past, it exempted most current workers and only applied the changes to the younger ones so people that were counting on Social Security would have any promises made reneged upon.

I hope this answers your question. Please let me know if I can clarify anything or answer any additional questions, and I would greatly appreciate positive feedback. Thanks, Jonathan