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The Importance of Social Security to Our Retirements Can’t Be Overstated
The folks at the Employee Benefit Research Institute, or EBRI, are real party poopers, frequently releasing depressing data about how millions of Americans are underprepared for retirement. Those statistics serve a useful purpose, though, encouraging Americans to make constructive changes. Recently, though, they released some sobering data that policy makers should act on — because it shows how critical to many Americans’ well-bring Social Security is. The reason action is needed is because the Social Security trust funds are headed toward insolvency in a number of years. (It’s estimated that it will happen between 2033 and 2037.)….for many Americans, Social Security is a very critical part of their retirement security. For nearly half of all single and elderly recipients, it represents at least 90% of the income on which they survive. Read More…