When It Comes to Social Security, Republicans and Democrats Agree on Only 1 Thing
The importance of Social Security for our nation's current and future retirees simply can't be overstated enough. Of the nearly 61.8 million people receiving a Social Security benefit check in October, 68.5% (42.29 million) were retired workers. Of these retirees, some 62% will rely on their Social Security check, which averages $1,374.55 a month, for at least half of their monthly income. Slightly more than a third lean on their monthly Social Security stipend for practically all of their income (90% or more). It's an indispensable source of income that lays a foundation for our country's retired workforce.
Unfortunately, it's also a broken system. The ongoing retirement of baby boomers from the labor force is pushing the worker-to-beneficiary ratio lower, while lengthening life expectancies have allowed seniors to pull a stipend from the program for decades when it was originally crafted to assist the elderly for a couple of years. These factors and a few others have placed Social Security on shaky ground.
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Source: Fool.com
