Economic security for everyone who works - now and in the future

A review of the annual Social Security Trustees Report report shows just how sound the program is — and why you can safely ignore the usual misleading soundbites about Social Security’s imminent demise.

In 2010, funds were reported sufficient to pay full benefits through at least 2037 - even with below average economic growth for the next three decades. And those figures don’t factor in the increase in buying power retirees will experience either. For example: In 2050, Social Security taxes at the current level will finance benefits for the typical retiree worth more than $20,000 in 2008 dollars. Today’s average annual benefit is $12,800.

While most often thought of as a retirement program, Social Security provides economic security to everyone who works. From physicians to nursing home attendants, CEOs to janitors, college professors to day care teacher, Social Security protects the unlucky as well as the fortunate.

One-third of Social Security recipients are disabled workers and their family members or survivors of deceased workers. In fact, more children receive Social Security benefits (4.6 million) than Temporary Assistance to Needy Families, or welfare (3 million). Recipients with dependent children or spouses receive additional benefits.

Social Security benefits are progressive, providing higher incomes to those who need it the most, but it never makes anyone rich. Those who make less while working receive smaller monthly benefits, but the lowest earning workers receive a benefit equal to about 50% of their average pay, while the highest earners receive about 25%. Benefits are adjusted annually for inflation regardless of economic ups and downs. They are guaranteed for life for retirees and their surviving spouses no matter how long they live.

Fortunately, Americans have largely ignored misguided calls to privatize Social Security -- a move that would have been disastrous in our current economic climate. Social Security is far too important to trust to the constant ups and downs of the stock market. Our system is healthy; with a few small adjustments, Social Security can easily serve the needs of future Americans for generations to come.

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Straight Facts on Social Security

08.06.2010 | Social Security is the bedrock of economic security for millions of children, as well as working and retired Americans. It currently operates at a surplus, and with a few minor tweaks, it will continue to do so far into the future. But we can improve on Social Security's winning formula.

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