Albany- The buzz at Aunt Fannies restaurant today was all about Social Security. 50 year old Bill Hargrobe says "I'm concerned what impact it will have on me," "I would be surprised if there's social security when I get to retirement age," agreed 41 year old Greg Giles.
Social Security was a hot topic that President Bush addressed in his state of the Union Speech last night. "We must guarantee that there is no change for those now retired or nearing retirement," stated Mr. Bush.
Recent reports show that by the year 2042, Social Security funds will be depleted. President Bush explained "The system on it's current path however, is headed towards bankruptcy."
Charles Tennille, of the Social Security office in Albany explains"You have the concept of what they call the baby boom generation of actually having more people getting ready to retire," and with Americans also living longer, that means there will not be as many people paying in to social security, as there will be taking out.
"I don't know of any one good solution," said Tennille. Finding solutions is the challenge President Bush gave to Congress last night. Giles says "I think he's very sincere in what he's trying to do," and those who are already withdrawing social security agree that younger Americans should be concerned.
William Lawson who's been withdrawing social security for nearly thirteen years says of he and his wife"If we did not receive our monthly social security check, it would make a difference in our standard of living,"
The President did say in his speech last night that people 55 and over will not be affected by a reform in Social security.
Social Security is a retirement system that has been in effect for the past 70 years.