Will Social Security Be Ready When You Need It?


Will Social Security Be Ready When You Need It?
Social Security is a "pay as you go" system in which current payroll taxes fund current benefits. But the country is getting older, and the solvency of the Social Security system is precarious. In fact, if there is no Social Security reform, benefits will begin to exceed revenues by 2012, just as the Baby Boom generation retires. Here's more.

The United States is Growing Older.
Population over 65
Who relies on Social Security benefits.
In 1994,
Social Security
  • Paid benefits to more than 90% of those age 65 or older.
  • Provided more than half of the total income for 66% of the beneficiaries.
  • Was the only source of income for 16% of those beneficiaries.
Fewer are paying to support beneficiaries
Workers per Social Security beneficiary
No change, big problems!

If there is no Social Security reform, the unfunded liability of Social Security and Medicare will be over $20 trillion by 2070.

Source: National Commision on Retirement Policy.
For more information, visit www.csis.org/retire/facts.html .

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.