58 million Americans currently receiving Social Security Benefits. Over half of elderly beneficiaries receive 50 percent or more of their income from Social Security.
Social Security was never designed as a long-term retirement plan. According to the Social Security Administration for elderly beneficiaries, 53 percent of married couples and 74 percent of unmarried persons receive 50 percent or more of their income from Social Security. This is an incredibly high number that depend primarily on Social Security and also reflects a default usage of Social Security as the main retirement “plan” for many elderly Americans. Yet Social Security needs a constant stream of payments from current workers and this usually comes from the younger workforce. Young Americans are heavily burdened by the massive cost of higher education and are also paying into the system more than they are likely to get out when they reach retirement age. There is some generational debate between the young and the old but one thing is clear and that is many older Americans did not prepare for retirement and are now left with only Social Security as their primary source of income. Whether this is justified the young are saddled with a large burden moving forward and it is only going to get heavier as 10,000 baby boomers hit retirement age each day.
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