Saying Goodbye to Social Security?

We all know about social security, and if you have ever worked or are working now, then at some point you have paid into it. With the budget deficit reaching toward all time highs not seen since the stagflation era of the mid 1980's, decisions must be made.

One proposed solution would be to cut the social security benefits, therefore raising the retirement age. While at the present moment the retirement age stands at 65, is the human body really capable of working past that age if need be? People are living longer and longer with all of the new medical technology and prodecures being developed; i.e. once the baby boomers hit retirement age, there will be a huge strain put on the economy in many different areas, most of all healthcare. Are we, as a nation, ready or prepared to handle this influx?

If social security is to be cut, where does the line get drawn? Am I, as a 20 y/o worker who has been paying into it for 3 years already, to be exempt from it in the future? If cuts are to be made then it needs to happen soon that way people can start a new route of planning for retirement. While the older generations relied solely on social security checks, the baby boomers and generation x has started to see the dwindling funds of social security and started their own retirement plans. It is not uncommon now, and statistics say, that the average adult has 3.2 IRA accounts.

The question I pose is this. Will cutting social security benefits help the deficit driven economy at all, or is it a short way out? In an election year this will be a hot topic. Maybe with cuts on the horizon programs like AARP will see an increase in membership and therefore with more capital be able to provide better coverage and programs. Will the cuts force retirement planning and care to the private sector?

*As with Tom, you can see where my interest lies.