This week USA TODAY reported the results on their Gallup Poll of July 8-11. They polled 1,020 people. They asked the non-retired adults whether they thought the Social Security system would be able to pay them benefits when they retired. And they asked the retired adults whether they thought there would eventually be cuts in their social security benefits. It turns out that the public, after being battered by high unemployment and record home foreclosures, has less faith in the system than the estimation of the Social Security trustees. A notable sixty percent of non-retirees believe that Social Security will not be able to pay them retirement benefits. Fifty-six percent of retirees predict their benefits will be cut.

According to USA Today “last year, they [Social Security trustees] projected the system would begin running in the red in 2016, as the Baby Boom generation retired, and the trust fund would be exhausted in 2037.Even then, Social Security-which celebrates its 75th anniversary next month-could finance about three-fourths of current benefits through the payroll tax.”

Alicia Munnell, director of the Center for Retirement Research at Boston College, says that, “the fear and distrust as a result of the financial collapse and the Great Recession has spilled over into people’s expectations generally, that you can’t count on anything.”

It is clear this poll is a reflection of many people’s serious economic concerns. If you are one of those struggling economically please feel free to call me with any of your questions. Kevin D. Heupel, Colorado Bankruptcy lawyer, 303-955-7570, COBankruptcyHelpEmail, free-consultation form. I will answer your questions without obligation. Remember, I am here to help.