A statement about the future of anything is speculation, equally so whether it comes from George Bush or Alan Greenspan or Dave Barry or me. Nobody really knows. That said, I will give you my answer to this question with confidence.

Yes. Social Security will be there for you when you retire.

But will you be able to live on it?

Answer: Only at poverty level. Only beginning at a much older age than people currently begin benefits. Only with little or no adjustment upward for inflation.

Look back in the news a few months and you will find comments from Alan Greenspan suggesting that the inflation adjustment for Social Security be removed and that the retirement age be extended even farther.

These steps will be taken, I believe. Not because Greenspan suggested them but because there is no other alternative. No current fund is being accumulated to take care of the future need and there will be none. Dollars distributed then will come from tax dollars collected then.

The relatively few workers of America in twenty or thirty years will not be able to pay enough taxes to support a too large number of elderly non-workers. Even from a willing donor, there is just so much blood to be drained before life is threatened.

Somehow the viability of the American economy must be maintained and that means either more people working or fewer useless loafs sucking less of productive workers' lifeblood.

Sound overly severe? Sorry, but in a decade or three this could very well be the attitude of mine and your sweet children. Not toward you and me personally, of course, because we will have been too kind and gentle and loving and wise and generous over all the interim years. This will only be their attitudes toward all the other lazy old coots and good-for-nothing blue-hairs.

Strangely, one partial remedy to this problem might be for our government to encourage the immigration of a great deal more youth into the United States - now, before the day comes when nobody in his right mind would want to come here and work under the enormous tax burden. Get your sons and daughters and grandchildren to find spouses from overseas! Hire an immigrant! Do your part!

Think Social Security will be a disappointment? You didn't even ask about the really tough issue: Medicare. As the population ages, and if medical costs escalate even faster than the general inflation rate as they have in the past, Medicare is expected to be in much bigger trouble than Social Security.

What should you do about the under funding of these “social” security programs? Beyond shooting for a little international diversity among your in-laws and service providers, that is?

Nothing. Instead, prepare better for your personal security. Save a lot more. Invest well. Plan to work longer. Maintain your good health. From a position of both fiscal and physical strength, you might even be able someday to come to the aid of those in need, those not as fortunate as you, those who failed to prepare.

Like me, you've probably heard many different versions over the years of the old I'm-from-the-government-and-I'm-here-to-help-you joke. Ha. Ha. Make personal financial independence your goal. No joke.

Ernie McDaniel is a Chartered Financial Consultant and President of McDaniel Financial. He can be reached at 318-798-9022 or via email.