Between 1999 and 2009, reliance on Social Security for at least 80 percent of retirement income ballooned by 48 percent among men aged 65 an older, according to a report released today.
Among women, such reliance on Social Security grew 26 percent, the Institute for Women's Policy Research said.
Social Security, the largest source of retirement income, was the main income source in 2009 for 5.7 million men (or more than one-third of men aged 65 an older).
It was the main income source for 10.3 million women (or about half of women aged 65 and older).
The research organization said Social Security helped more than 14 million Americans stay above the poverty line. Without it, nearly half of those aged 65 and older would have been classified as poor in 2009.
So, a question for those who are constantly screaming about abuse of the system, cutting social spending, etc. Are these people even on your radar? This is the future for the Baby Boomers. They are aging out and relying on public assistance, which they did NOT pay into the system. That money was borrowed and appropriated elsewhere years before they ever retired, and was never paid back. And for most, they will live far longer than any money they put in plus interest would've accrued even if it had stayed in the correct fund.
Are drug tests and work programs even going to put a dent in that? Rather than focus on the minority that abuse the system by breaking the existing rules and creating more rules for them to continue to break, wouldn't it make more sense to look for solutions to the problems that actually impact the MAJORITY of people relying on the system?