Does Warren Buffett Approve of Social Security?

As one of the top five richest men in the world, Warren Buffett will never have to want for money. At the time of writing, his net worth (of which the majority rests in Berkshire Hathaway) is around $70 billion and he is surprisingly spry at 86 years old. So, as someone who made most of his fortune on the cusp of the age where most people retire and settle down, how does Warren Buffett feel about social security?

Anyone who knows anything about Buffett knows that the multi-billionaire is a philanthropist and he has even pledged to give away the majority of his fortune before or upon his death. So, unsurprisingly, he’s in favor of the idea—with a few conditions.

“I don’t want to do anything to hurt the bottom 10-20% of the population,” Buffett said in a 2005 annual shareholder meeting. “I’ve seen people who fear for the last years of their lives [that they won’t have enough money].”

However, he did go on to say that there were a few things that needed to be done in order to improve social security. First, the country needed to start thinking about it and try removing the $90,000 social security tax cut-off, or lifting it at the least. He also suggested raising the retirement age.

“Perhaps the idea that 65 isn’t the right age for retirement anymore is correct and more change is needed,” Buffett said in a 2006 annual shareholder meeting. He didn’t elaborate on what age the retirement should be pushed to, but went on to explain that times and medicine are much different now than they were in 1935.

Regardless of what all is decided, Buffett mostly thinks that all of the worry and concern about social security is pointless.

“We’re worrying about a problem in 25 years, that’s a fraction of our current $500 billion trade deficit. We’re spending 4.5% of our GDP on Social Security now; if we have to increase it to 6% in 50 years, this is not a worry,” Buffet said. “Our country can easily handle the Social Security issue.”

 

One Comment

  1. MY NAME IS Lois Gaddy I am 68 yrs.old and yes I’m on Social security and SSI..
    And I wanted to ad wish there was some kind of dental stuff for the lower class as well as young adults and elderly, as I have been trying to find help for new dentures as I have lost several teeth, but just saying.
    Thanks. Lois

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