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Young professionals often spend their career thinking about graduate school, finding good jobs and providing for their families. But few of them think about their financial security when they retire or when they become disabled. But all Americans should be aware that Social Security will impact their lives one way or another. Social Security allows your grandparents to live independently throughout their retirement. It can provide retired workers and their dependents a decent standard of living. Hence, Social Security could immensely secure you money-wise or could completely shatter your financial future.

As most of you probably know, Social Security is a pay-as-you-go system. This means that younger workers are paying for the benefits the older generation will receive today as they have done too when they were still young. Simply put, the Social Security taxes that you pay today are paying the benefits of your parents and grandparents. But some younger workers fear that Social Security will not be around when they retire. This is perhaps because there are not enough workers today that would keep the system solvent. Additionally, medical advancements and improved standard of living have contributed to longer retirements and longer lives.

If the calculation is true, by 2018 the government will have to pay the IOUs from the general revenue to pay for the benefits of the retirees, beneficiaries and disabled individuals. This could put a massive strain in the budget of the government. So President Bush suggested moving Social Security from its safe, government-run home to higher yielding private accounts. With private accounts, you invest your money in your own account so the government can't use it to fund their researches and as a result you get higher rate of return. Bush believes that investing in private accounts could financially secure America's children and grandchildren.

This appealing plan has gathered an overwhelming support from younger workers. But all the same, not all are convinced. They still worry that the instability of the market could wipe out their benefits. But if Social Security is not reformed, benefits will have to be cut down by a quarter or payroll taxes will have to be increased by fifty percent. Just the same, reformed or not, Social Security will mostly affect the younger working population. Whether private accounts are used or taxes are increased, the duty of eliminating the system's debt lies on younger workers. Whatever reform will be implemented today will impact the financial decisions you will make at present. In any case, Social Security will decide how you plan, save or spend your money over this decade.