Ponzi Scheme Or Not, Social Security Can't Keep Up The Pace

[Mr Lee]

While this may or may not affect some of us Americans, I know it would probably affect my wife down the road when it comes time for her to collect on my benefits, so some good advice in the article IMHO.The good news is you have been warned.1. Save more2. Work longer3. Seek higher returns, that might be easier said than done4. Live with less, this one has always been my philosophy

Social Security's trust fund is in the process of collapsing because it will have insufficient funds available to pay promised benefits. Sound like a Ponzi scheme? That's what many prominent political and investing figures have called it.Whether the system meets a broad definition of Ponzi scheme, at least this "scheme" is one in which you can come out ahead.You've got a few things going for you:

• Charles Ponzi's original setup had a frightfully speedy collapse that occurred after around 200 days. Social Security currently estimates its trust fund won't run dry until around 2036.
• When Social Security's trust fund does empty, recipients will still get about three-quarters of their expected benefits. For contrast, just ask the victims of Bernie Madoff's Ponzi scheme how tough it is to get money out of a real Ponzi scheme after it collapses.