As most of you are certainly aware, there is currently quite a bit of talk in Washington about the future of Social Security. In fact, for more than a decade, Fragasso Financial Advisors financial education courses have warned of this coming problem. At that time, this was not a subject that was open for serious political debate. Clearly, that has changed. Regardless of political affiliation, there is little doubt that at some point in the coming decades, Social Security, in its existing form, will begin to falter and ultimately lose its ability to pay benefits.

In the past, discussions about the subject were labeled the "third rail of American politics," meaning that those who dared touch this subject matter would be shocked by the vicious backlash that was sure to follow.

The debate strengthens when discussing specifically when the system will fail and plans as to how to best deal with it. The good news is that at least people are talking now about how to approach this inevitable progression.

We are now entering a time which will shape the future and our perception about individual and governmental roles in planning for retirement security. Much will be said, and partisanship will almost certainly rear its ugly head.

However, as this unfolds, we must never lose sight of the issue at hand. The future of Social Security is of great concern to all of us, and ongoing conversations and legislative action can help us to avoid serious problems.

In truth, the debate is less about current retirees, or even someone like myself with many years until retirement. It is really directed toward those who are very young, and the necessity of empowering them with the ability to save some of their payroll tax dollars in their individual retirement accounts. We will be watching these developments with great interest and, as always, will keep you informed of pertinent developments.