May 21 2008

Our speaker, Chris Jenkins, Public Affairs Specialist with Social Security Administration.



May 21, 2008

Reporter-- Jim Wellman


President Beetle called the meeting to order with the clanging of the bell. John Adair gave the invocation, after which followed the Pledge of Allegiance.

John Hanson introduced our visiting Rotarians. He also introduced our other guest Beetle Bailey’s wife Debra.

Lyman Whitehead entertained us with his usual message of humor and good cheer.

Larry Stohs reminded all of us that we would soon need to update our information for the upcoming directory. He indicated that he particularly needed the information on our new members. John Adair volunteered to take any pictures necessary. Larry stated that his assistant Tina would assist in this undertaking. He and Tina can be reached at 772-1617.

President Beetle reminded us that June 21, 2008 would begin the 20th year anniversary of our Club. He will keep us informed as details become available. He did announce that as a result of this celebration there will be no meeting June 25th.

Larry Stohs introduced our speaker Chris Jenkins, a Public Affairs Specialist with the Social Security Administration. He gave an energetic and entertaining presentation on Social Security. He stressed the following points in his presentation:

At this point the SSA takes in more than it pays out. The excess revenue is invested in Treasury notes. These notes are what constitute the Trust Fund we hear so much about. Sometime around 2017 with the influx of the “baby boomers” the system will need to draw upon the interest earned by the Trust Fund. In the years 2028-2029 it is anticipated that in order to meet its obligations the SSI will need to begin to draw upon the principle in the Trust Fund.

Social Security was never designed to be a pension. It’s original goal was to help supplement the retirement savings of Americans. Over the years the objective has been expanded to provide supplemental income to survivors of contributors and disability payments for those who become unable to work.

He indicated that identity theft strikes over 500 South Carolinians daily. This can be reduced if we are more careful in who we give our social security number.

He indicated that most Americans can conduct almost all business with the Social Security Administration through the web or by telephone. Thus reducing the wait time in trying to conduct business in person.

There are many options available to us as to how benefits are paid out. He encouraged us to search out the option that is best for us and make an informed decision.

There are over 800,000 people in South Carolina who receive benefits from SSA.

In closing he stated that perhaps the best way to look at Social Security was that it’s a pool of money designed to help people help each other.



President Beetle adjourned the meeting and wished us a good week.