“…Not far into the Fourth Turning, today's long-term projections for Social Security, Medicare, and other elder benefits programs will lie in history's dust bin. The economy will not keep growing as smoothly as the actuaries now assume—and critical events will force the government to reshuffle all its spending priorities. At that point, no one will be entitled to anything; those in need will merely be authorized something. Public figures should alert today's working Americans to their vulnerability…”
“…For Boomers, Social Security will be the object of fatalism and sarcasm. Some will get it, and some won't. The typical Boomer will live on bits and pieces of SEP-IRAs, Keoghs, 401Ks, federal benefits, and assorted corporate pension scraps that will vary enormously from person to person. For many, this will add up to a lot; for many others, nearly nothing. When the market hits bottom, millions of Boomers will find themselves at the brink of old age with far smaller nest eggs than they ever expected. They will immediately have to make do with steeply diminished material consumption…”
Howe, Neil; Strauss, William (2009-01-16). The Fourth Turning (Kindle Locations 6082-6086). Random House, Inc. Kindle Edition.
This book was written in 1997. Fourth Turnings happen every 80 years or so. In America, they have been the Revolutionary War, thew Civil War, The Great Depression/WW II. The authors had no way to predict 9/11, the Iraq War, and the crash of 2008. We are in te beginnings of the next Fourth Turning.