The Case For and Against Cutting Social Security Benefits
Most Americans have one goal in mind: to cross the retirement "finish line" comfortably, and on their own terms. But for many, the only way this is going to happen is with a lot of help from Social Security. Data from the Social Security Administration (SSA) shows that around three out of five retired workers receiving benefits is counting on their Social Security check for at least half of their monthly income. By comparison, the SSA suggests that Social Security is only intended to replace about 40% of a retirees' working wages.
This heavy reliance on Social Security, coupled with a number of demographic changes, including the ongoing retirement of baby boomers and the lengthening of life expectancies, is weighing on this critical social program.
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Source: Fool.com
