Each and every month, more than 62 million people receive Social Security benefits checks. Many of these folks are aged beneficiaries (about 45 million), and of these retirees, an estimated 62% are reliant on the program to provide at least half of their monthly income, according to the Social Security Administration. It goes to show just how important Social Security is to the financial well-being of today’s older generation.
But one thing today’s retired workers and the approximately 175 million working Americans covered by Social Security have in common is a growing fear about this vital program’s future. The newly released annual report from the Social Security Board of Trustees paints worrisome pictures about the program’s near-, intermediate-, and long-term outlooks.