The Health of Social Security: Some Good News and Some Bad News
According to the Social Security Administration, a recent report showed that almost half of retired workers rely on Social Security for at least 50% of their income, with 21% of married couples and 45% of unmarried individuals relying on Social Security for 90% or more of their income. Considering that approximately 94% of American workers are covered by Social Security and 65 million people are presently receiving benefits, maintaining the health of Social Security is a top priority. Social Security is not in danger of going bankrupt because it is predominantly funded by payroll taxes, but its financial health is deteriorating and benefits may be reduced if Congress does not act. As a corporate employee who may be eligible for these benefits...