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 WHITE PAPER

Preparing the statement of cash flows

This instructive white paper outlines common pitfalls in the preparation of the statement of cash flows, resources to minimize these risks, and four critical skills your staff will need as you approach necessary changes to the process.

RESOURCES

Keeping you informed and prepared amid the COVID-19 crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.