President Bush unveiled a new sliding scale payout to his already controversial social security plan. Under the President's new plan, middle and upper income Americans would receive less benefits than their lower income counterparts. Mr. Bush hopes that this change will influence a system that in his opinion is in grim condition.
"If you're a younger worker and you start paying into the payroll system today and 2041 is about the time you start retiring, I'm telling you, the system's going to be bankrupt unless we do something about it," said President Bush.
Local financial advisor Margie Swanson believes the system will always exist but it's role may be changing.
"I think what you'll see is [social security] will be a true safety net. I think social security was supposed to be a true safety net for people that needed it. I think that's what we are going back to," she said.
This hot issue has local people preparing for their own financial futures beyond social security.
"I'm not depending on social security myself. I think it will be around in the future but they will have to do things significantly to reduce benefits," said Ruckersville resident David Gerding.
The White House believes that this shift in policy would take care of nearly 70% of the program's projected $3.7 trillion shortfall over the next 75 years. However, financial advisors believe the safest form of retirement lies in investing your money at an early age and letting it grow.
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