Social Security Update – Means Testing?
With the 79th anniversary of the Social Security Act, retirees (and most workers) worry about its solvency; will it run out of money to pay benefits. What can be done about it?
First a few facts.
- President Franklin D. Roosevelt signed the Social Security Bill into law on August 14, 1935.
- An average of 65 million Americans receive benefits each month, including 47 million retirees and 3 million dependents. The average monthly benefit is $1,555.
- Among elderly beneficiaries 37% of men and 42% of women depend on Social Security for 50 percent or more of their income. Twelve percent of elderly men and 15 percent of elderly women depend on Social Security for 90% or more of their income.