Social Security was created by Franklin D. Roosevelt as part of his plan to enhance economic security. Signed into law in 1935 to pay workers age 65 or older a continuing income. According to the White House there were 16 workers to support every one Social Security recipient during the Truman administration. Today, there are only 3.3 workers supporting every beneficiary. By the time the youngest workers turn 65 there will only be two workers supporting every beneficiary.
Social Security is a big source of income for the elderly, providing the majority of income for two thirds of beneficiaries and all of the income for 20% of them. Many people believe that Social Security will disappear and be unavailable for today's youngest workers. It may still be around, but there's a good chance that benefits will be reduced or the qualifying age will be
increased.
The bottom line is that we will be facing a much different retirement than our parents and grandparents did.
Wishing You Wealth in all its Greatest Forms
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