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Explaining the Social Security Crisis

social security definitionMillions of people in this country depend on a program called Social Security to help them retire, or continue to care for their family after an accident leaves them disabled or dead. This system has been in place since it was created during Franklin D. Roosevelt’s administration during the Great Depression. The basic concept for Social Security is that workers pay into the system out of each paycheck for their retirement, and then are able to get paid back incrementally over the course of their retirement. This makes Social Security decidedly different from programs like welfare, as Social Security is an earned right, not an entitlement program. However, this program is now in a crisis, one that may threaten its existence. And here’s why…

How is it happening?

In the period after World War II, the was a sudden rise in the birth rate, leading to a spike in the population. We call this generation the Baby Boomers. Now, this large swath of the population is getting older and reaching retirement, while they and their children didn’t have quite as many children as their parents did. In the meantime, millennials are having even less children. So now the program is caught in a situation where more and more people are taking of the system, while less and less are putting in. This cycle may be self-sustaining, unless measures are taken to fix it, now.

What will happen from here?

On the current path, the entire program could end up bankrupt by the year 2034. However, this doesn’t mean that the program will end. Instead, it will move to a pay as we go system, since the built up trust fund that the Baby Boomers put in will be diminished. In this case, benefits will shrink to 77% of what they are now. This scenario will make a good deal of people angry, as they paid into a better system than the one they are getting.

Why it’s important now

If nothing is done about this problem now, it will end up being much, much more difficult to fix down the line. Because of the political volatility of this situation, failing to fix the problem could actually lead to the destruction of the program. Americans depend on Social Security for retirement, and there will be widespread anger if this happens, understandably. While it may seem hard to fix, it is much easier to do so now than waiting until the program’s judgement day.

For the future…

Understanding the nuances of this situation can provide us with a viewpoint that we can use to solve the problem. This is a series about various ideas that are floating around to fix the program. There are pros and cons to each of these ideas, but the seemingly impossible goal is to save money without cutting benefits or raising taxes…

About the author

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Litigation, Arbitration, Mediation—What’s the Difference?
January 15, 2016
How Do Post-Nuptial Agreements Work?
January 1, 2016
Rebuilding Your Social Circle after Divorce pt. 2
December 15, 2015
Rebuilding Your Social Circle after Divorce pt. 1
December 1, 2015
Social Security Solutions: Part 3
November 22, 2015
Social Security Solutions: Part 2
November 15, 2015
Google Rating
4.6
Nelson, Taylor & Associates
Nelson, Taylor & Associates
4.6
Fernanda Alvarez
Fernanda Alvarez
23:41 05 Dec 19
Nick Gottwald is great. If you ever need help/consultation with divorce or family matter, Nick is the one. Very professional and knows exactly what he is doing. My case was not easy but he knew how to handle it. Honestly worth every penny and every minute spend. We won! Thank you Nick!!!
Debbie Budzenski
Debbie Budzenski
22:13 25 Nov 19
This review is for Nick Gottwald. When I first came in for a consultation, I felt by what he said that he was honest, determined to work hard, and finish the divorce as quickly as possible. He was not out to drag it on, to his benefit, and was very affordable. He always responded to my questions and helped me understand the process.He showed me 2 ways that it could go and was willing to be flexible according to my wishes! When he suggested mediation with both lawyers and Lisa Jones as mediator , I agreed. We came to an agreement quickly. Nick Gottwald and Lisa Jones work well together. I felt Nick really cared about my situation and I will recommend him to anyone I know who needs a family and divorce lawyer. Debbie Budzenski
iluvhskz .
iluvhskz .
23:34 31 Oct 19
I can’t begin to explain how impressed I was with Nick. After a horrible experience with another lawyer to get my divorce finalized (which also happened to be my first experience with a lawyer) I was hesitant to try another lawyer when a best friend suggested Nick. But HALLELUJAH that I did! He made the process seamless, kept me informed the whole process and got the deal done in a super quick amount of time. I only wish I had gone to him first! I will be using him if I ever need legal counsel again and have no reservations in suggesting his services to anyone who needs the most amazing lawyer around. This guy is a rockstar!!!
Lauren Paulson
Lauren Paulson
21:10 31 Oct 19
Nick saved me. My life was a complete wreck and I had no idea what to do or how I would afford anything and he was so kind and affirming. He made my case go so incredibly smoothly and was not too expensive at ALL. He did my divorce for a flat fee, which was totally doable, and kept me informed the whole time. He was professional and insightful in all of the documents he looked at and drafted to make sure I was completely taken care of as his client. I would 100% recommend Nick for anything. And I will continue to use him if any other situation come up that require a lawyer.
jared pusey
jared pusey
19:18 31 Oct 19
After fighting a custody case on and off for 3 year's Wade Taylor was not my first attorney, he was my third. I had the chance to watch lots of attorney's in action but truly felt Wade was the best money could buy. But that's the astounding part, after receiving his last bill I did the math and determined he had actually cost me less then any other attorney!?!? I currently enjoy being the custodial parent and seeing my boy's most of the time, which is not a easy thing for a dad to pull off in Utah... Thanks Wade.
Kim G
Kim G
03:14 24 Oct 19
I worked with Elenia M Cozean and she was amazing. Got things done quickly and efficiently.
Carrie Bagley
Carrie Bagley
23:48 18 Oct 19
Mark Nelson was my attorney and he came highly recommended. After spending $4000 on attorney's fees, I ultimately didn't get what I wanted out of my situation, at all, and I feel that I was very under represented. I had gotten out of a very psychologically and emotionally abusive marriage and I wanted an annulment based on my ex-husband's misrepresentation of himself. I settled for a divorce (which is what the ex wanted so he didn't look bad) so I wouldn't have to pay another $6000-8000 to go to court and so I could recoup some of the money that I Iost within a few months of being married to my ex. In addition, in mediation, a settlement was made with the ex for him to pay me back $15,000, which is one-third of what I lost due to him being a con artist and fraud. Mark didn't add anything into the judgment such as an interest penalty, etc., as repercussions if the judgment wasn't being paid back. As a single mom, that is a significant amount of money. I already have to spend more money and time to domesticate the judgment in Texas. It would have been nice to have had an attorney who truly looked out for my best interests and applied all parts of the law that would help his own client!
Mollie Thibodeau
Mollie Thibodeau
11:17 18 Oct 19
Elenia M. Cozean helped me with a custody order. Not only did it go very smoothly she was kind and personable and I enjoyed working with her. For what is generally unpleasant and painful in my past experiences this time was a very positive experience and required very little effort on my part. Very grateful!
Tyler Jenkins
Tyler Jenkins
15:40 10 Oct 19
I am completely satisfied with Nelson, Taylor & Associates, especially Elenia M. Cozean. From the first time that I met with her, she had perfect advice and laid out a plan that worked out for me in the best way. She is responsive, organized and manages her time well. The cost was reasonable! I would highly recommend Nelson, Taylor & Associates, especially Elenia M. Cozean to be your legal counsel.
rjay matkin
rjay matkin
21:30 01 Oct 19
Nicholas Gottwald and firm are great to work with. He made a complex process easy for me to understand and was very responsive to my needs. I highly recommend him for your legal needs.
Jessie Kilgore
Jessie Kilgore
20:12 29 Aug 19
Wade Taylor was completely honest about what my rights were from the very beginning and explained the entire process step by step. The other attorney for the other half, dragged her feet with EVERYTHING and played games the entire time. Mr. Taylor fully supported me walking out of mediation after HOURS of being there and finding out the other attorney was completely unprepared. The other attorney tried to blame Mr. Taylor for her not being prepared, but Mr. Taylor was able to prove he sent her the information MONTHS before mediation. Mr. Taylor also had another extremely knowledgeable and experienced attorney, Elenia Cozean at mediation with us. It was so reassuring to know just how supported I was not only by Mr. Wade, but also by the other attorneys in his office. I have already recommended Mr. Wade to several people in search of a great attorney and I will continue to do so!
Gallant Bullets
Gallant Bullets
01:01 02 Aug 19
Nick from Nelson, Taylor & Associates worked with me for almost three years on a change in custody and did phenomenally well! He kept me well informed throughout the whole process, and was very good at breaking down the legal jargon into plain English so I could fully understand all of the documents and hearings that we had to go through. In the end we had what I believe was an extremely fair and favorable outcome and I would hire Nick again if I had to go back and start from the beginning.
Mike F
Mike F
16:45 24 Jun 19
Fantastic law firm that provides excellent guidance and advice. We've had a number of contentious issues regarding child custody and divorce, and Nick Gottwald's expertise got us through the process with positive outcomes. Call him today!
caeli Goudge
caeli Goudge
00:45 24 May 19
I got to say my personal experience with this company in the attorney Elena has been completely phenomenal she is a extremely hard worker very motivated and it's a shark in the courtroom and more importantly than that she does not just take your money she generally cares about making things right I would recommend her to anybody that is going through a divorce hopefully I will never be going through one myself again LOL but if I did she would be the first person I call if there was a 10 star on this I would put 10 Stars how often you come across a tourney that is 100% on your side and does not BS strongly recommend this company
Jazmine Ruiz
Jazmine Ruiz
18:16 22 Apr 19
I came to Nick as my sister referred me to him and I couldn’t be more happy with the results he definitely knows his stuff and puts in the extra work to get things done, I was 7 months pregnant when I came to him for his Leagal help and he made the entire process so smooth and stress free, it was nice knowing my lawyer had my back especially being pregnant knowing that I wouldn’t have to worry. I will continue to use him in the future if needed.
Jessie Ruiz
Jessie Ruiz
00:02 20 Feb 19
I came here with a referral, and with no doubt I am very happy to have decided to take Nick Gottwald as my attorney for my divorce. He made sure that all of my interest were taken care of, he was very honest with every single question I had. When we had our temporary order hearing we walked out with everything I have requested and with divorce decree! I am so glad I had him as my lawyer and will continue to consider him as my attorney in the future!! Thank you, Nick!
Michael Cox
Michael Cox
21:58 11 Dec 18
I am extremely pleased with the service, legal counsel, and professionalism of Nelson, Taylor & Associates. Mr. Taylor worked with me throughout an almost 4 year divorce. He was great to work with and worked out a financing option that I could handle. Mr. Taylor presented my side extremely well and the judge favored his professionalism, documentation, and arguments over opposing counsel. The judge ruled in my favor on all issues; although I wasn't asking for anything ridiculous. I would highly recommend their legal services.
Jennifer Richards
Jennifer Richards
15:27 28 Nov 18
Wade Taylor is the best attorney I have ever had the privilege to hire. He has helped me on two separate and unrelated cases and both cases he was on top of everything. He is extremely knowledgeable and genuine. He will not BS you and will tell you exactly what he thinks will happen and plans for things that may not happen. He never over charged me and even tried to help lower costs if he was able to. As a single mother, he was truly understanding and did everything he could to help me. I will never have another attorney but Wade Taylor.
Tina Bennett
Tina Bennett
15:59 08 Jul 17
If you need an attorney, your search is over!! Hire this office!!
Jessica Conarton
Jessica Conarton
15:37 14 Apr 16
Wade Taylor did a custody agreement for me. He was such a nice guy to work with and addressed all of my concerns. The custody agreement went smoothly I am so happy that I did it! It has made things between my sons dad and I so much easier especially for the holidays.
Trevor Gowans
Trevor Gowans
05:15 28 Dec 15
Consulting an attorney for my divorce was something that I didn't expect to need but it ended up making all the difference. Wade Taylor used his knowledge of the legal system to help me navigate each hurdle my now-ex-wife placed in the way. Mine was not a straight forward case but Wade was there to ensure that nothing was overlooked. Wade focuses on protecting his clients and working towards resolution even in situations where that may not seem possible. If you think for a moment that asking an attorney for help with your divorce may be beneficial, call Wade Taylor and get that help.
Megan Brentano
Megan Brentano
19:42 21 Dec 15
Wade Taylor is such a brilliant Divorce attorney! I was referred to Wade by a friend after my Divorce was finalized because so many things did not seem right. He went through everything and told me exactly what should of happened. He made total and complete sense, and I received more substantial information in my 30 minute consult from Wade, then in my year and a half working with my Divorce Attorney! I wish I would have know about him in the first place. My divorce would have ended so much better!! Wade also helped me tie up some loose ends with my divorce. I will go to him for anything else I might need help with.
Jason Anderson
Jason Anderson
16:34 22 Oct 15
Nick was fantastic, my only regret was that I didn't contact him sooner. He is extremely efficient, very thorough and made the whole divorce legal process as painless as it could be. His retainer/fees were also very reasonable (I shopped around). Could not have asked for better representation.
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Recent Posts
  • Litigation, Arbitration, Mediation—What’s the Difference?
    January 15, 2016
  • How Do Post-Nuptial Agreements Work?
    January 1, 2016
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  • Home
  • Attorneys
    • Mark K. Nelson
    • Wade Taylor
    • Nicholas Gottwald
    • Elenia M. Cozean
  • Practices
    • Family Law
    • Criminal Law
    • Probate and Estate Planning
    • Personal Injury Lawyer
    • DUI Attorney
  • FAQ
    • Divorce
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