A、There is not enough financial support from the government. B、There are more retirees taking money out of the system, and not e

Social Security is one of the great moral achievements of American government. For almost 70 years, it has kept millions of elderly citizens out of poverty and assured young Americans of a secure future. The Social Security system is essential, yet it faces a long-term problem.
    While benefits for today’s seniors are secure, the system is headed towards bankruptcy down the road. Each year there are more retirees taking money out of the system, and not enough additional workers to support them.
    In the 1950s, there were about 16 workers paying for every Social Security beneficiary. Today, there are about three. And eventually, there will only be two workers per beneficiary. These changes signal a looming danger. In the year 2018, for the first time ever, Social Security will pay out more in benefits than the government collects in payroll taxes. And the gaps will grow larger each year leading to the bankruptcy of the system.
    Therefore, Social Security is not a personal savings plan. Benefits paid to today’s retirees come directly from the taxes paid by today’s workers. The crisis in Social Security can be avoided by emphasizing several principles. First, nothing will change for those who are receiving Social Security and for those who are near retirement. Secondly, payroll taxes will not increase, because higher taxes would slow economic growth. More efforts must be made to use the power of compound interest, by giving younger workers the option to save some of their payroll taxes in a personal account, which government cannot take away.