Around 150 Million Non-Retirees Expect Social Security to Run Out of Money During Their Lifetime

Around 150 Million Non-Retirees Expect Social Security to Run Out of Money During Their Lifetime

Social Security is arguably the greatest social program in this country. Since 1940, it's been paying benefits to retired workers, the disabled, and the survivors of deceased workers, and in many instances it's provided a financial foundation that's kept these folks from falling below the poverty line.

Unfortunately, Social Security has also witnessed a number of ongoing demographic shifts that have placed the program on not-so-solid footing. The retirement of an average of more than 10,000 baby boomers a day has pressured the worker-to-beneficiary ratio, and people are living longer than ever. Since 1960, the average life expectancy in the U.S. has increased by about nine years. This combination of a rapid uptick in eligible retirees, and the elderly receiving benefits for an extended period of time, appears set to alter the future of Social Security.

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Source: Fool.com