Monday, April 15
"As of now, Social Security has enough money to pay benefits in full through 2033, after which time recipients will receive only about three-quarters of what they should. Currently, 56 million Americans receive Social Security payments. That includes senior citizens, people with disabilities, and children whose working parents have died.
More than 40 percent of people 65 and older would live below the federal poverty line of $11,490 were it not for Social Security payments, according to estimates from the left-leaning Center on Budget and Policy Priorities. As of June 2012, the average monthly retirement check was $1,234 a month. For one-quarter of elderly Social Security recipients, that check represents their lone source of income.
Really, there are only two ways to tweak the Social Security program, says Henry Aaron, a senior fellow at the Brookings Institution: “Raise the rate of payroll taxes, or cut benefits and decide for whom and how much.”