Happy Birthday Social Security
57 Million: Americans currently supported by Social Security
Social security currently supports more than 57 million Americans, and contributes to an average two-thirds of income for those over 65. Without it, 44% of the elderly would qualify as poor, but with Social Security, the poverty rate is only 9%.
Social security turned 78 in August, but in the past few years there have been increasing concerns about the future of Social Security due to the steadily increasing elderly population coupled with government cut backs. There are proposals to increase the salary cap on taxable benefits or reduce the benefits of high income beneficiaries. Additionally, there are talks of privatizing, vouchering, or reducing the payouts.
With the future of Social Security uncertain, be sure that it is not your only source of income for retirement. Plan ahead for your retirement using strategies like tax-advantaged retirement savings vehicles such as 401(k)s.
Source: The New York Times, "Social Security at 78" 8/14/2013
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