Pay-As-You-Go System
•Social Security is a pay-as-you-go system that leavesworkers with IOUs, not personal accounts.•As Baby Boomers begin retiring in 2008, there will bea dramatic rise in retirees who will be living longer.•In 2017, the system begins paying out more than ittakes in – and in 2041, it will be bankrupt.• Today's 20-year-olds are promised benefits 40 percenthigher than seniors retiring today.
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