Democrats and Republicans Hate Social Security's Inflation Measure, but Can't Agree on How to Fix It

Social Security is, for a majority of the more than 42 million retired workers who receive a monthly payout, a critical financial lifeline during retirement. Though the average monthly payout only works out to about $1,372 a month as of September 2017, this is still more than half of all monthly income for 62% of retired workers.

Considering the reliance of retirees on Social Security -- as future retirees are expected to show, too, given their generally poor saving habits -- you'd think lawmakers would be working to secure the future of this program in any way possible. Unfortunately, we've seen just the opposite, with the last major overhaul of Social Security coming 34 years ago during the Reagan administration.

Image source: Getty Images.

Source: Fool.com