The 2 Scariest Social Security Charts
Social Security is, for millions of retired Americans, a critical source of income during their golden years. According to data from the Social Security Administration (SSA), a little more than three out of five retired workers relies on their monthly check from the SSA to account for at least half of their monthly income. Without Social Security, millions of seniors would be living below the poverty level.
Unfortunately, this critical program is in deep trouble, and both lawmakers and the public have known it for quite some time. Major demographic changes are poised to turn Social Security on its head within the next two decades. These changes include the mass retirement of baby boomers, which is set to drive the worker-to-beneficiary ratio lower; Americans' growing life expectancies, which allow seniors to draw a payment for a longer period of time; and growing income equality, which means the wealthiest Americans have easier access to medical care and thus live to collect their larger benefit checks for years more.
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Source: Fool.com
