2. Many People Rely Only on Social Security
Newly released data from the SSA shows that 62% of seniors receiving benefits rely on their monthly check for at least half of their income. A little over a third (34%) get at least 90% of their monthly income from Social Security.
However, the SSA also admits that Social Security incomes are designed to replace only 40% of the beneficiaries’ working wages.
What does it mean? Relying solely on Social Security – which may not work so well in the near future – could bring an end to many retirees’ current lifestyle.
5 thoughts on “5 Scary Things Proving That the U.S. Social Security Is Failing”
No attempt will be made to correct the problem until it is too late because:
ATTEMPTING A REMEDY WILL NOT BE HELPFUL TO ANY INDIVIDUAL LEGISLATOR’S RE-ELECTION EFFORT. NOTHING ELSE MATTERS.
They won’t even kick the can down the road by postponing the retirement age two or three years–which would help a little. Reason? See above
SS would last a lot longer if only people that paid into SS received SS.
Just like anything else the lawmakers are going to wait until the last minute to fix social security and do a bad job of it and fail, instead of working on it now to find a good way of fixing it.
YEARS ago my congressman said if FICA limit on wages were removed the Social Security funding issues with disappear overnight. Seems simple enough. So why has it NOT been done?
With the unemployment rate down,more money is going into the fund to pay payroll taxes which supports social security,right?
However,are the illegal aliens that are supposedly taking away jobs from american citizens being paid under the table? The system has to be changed for government employees,they also need to pay their share.