The future of Social Security

NEWPORT NEWS, Va. - With the U.S. economy in crisis mode, many believe Social Security could disappear.

A seminar at Langley Federal Credit Union helped to answer questions about what the future holds for the federally funded program.

WAVY.com talked to Kevin and Marsha Kilburn, a married couple with some very valid questions about Social Security.

"Are there going to be funds there when we are ready to retire? Is there any money left?," asked Marsha Kilburn.

It's a question many believe has no guaranteed answer, but at 52 and 54 years old, the Kilburns say they're nervous, and they may very well have reason to be.

Modern Social Security benefits began in 1942 with five workers for every one retiree. In 2008, the ratio hit three to one. The estimate for 2030 is two to one.

Earl Johnson works for Social Security as a public affairs specialist. He says benefits will stick around, but adds that it would be a big mistake to overestimate how much money you'll actually get.

"Just like you and I, Social Security is going to change, but it'll be there for you to provide you the security you need for retirement. You're going to need some savings or something else besides Social Security. You're gonna need some other income," said Johnson.

Financial planners claim maintaining a retirement income level equal to seventy percent of normal wages, should leave most people comfortable.

Johnson warns, you should only rely on Social Security to provide sixty-percent of that total and the other forty-percent needs to come from another source.

"You're going to have to have some savings or pension," said Johnson.

Tracking your progess no matter how far away from retirement is simple if you have access to the internet.

Just go to socialsecurity.gov and on the right side of your screen you will see a choice titled estimate your retirement benefits.

Follow the prompts and you'll be able to see how much money you are entitled to, at any age of retirement you choose.

We asked Kevin, a 28-year-old WAVY-TV producer to try it out.

After you confirm your identity and current income levels, click create estimate.

The results told Kevin, if he maintains his current income, at age 62 he'll get about one thousand dollars a month in social security benefits. At full retirement age of 67 he'll get about  $1,500.  And if he works until age 70, the amount jumps to about almost $1,900.

You can also choose create additional scenarios, to figure out how much you would have coming at any age.