Trustees’ Report Shows that Social Security Isn’t Broke, Will Be There When We Need It
The Social Security Trustees released their annual report on Social Security’s finances today. Though you wouldn’t know it from reading some of the media coverage, the hard facts show that we can count on Social Security—whatever our ages. Here are five things you should know about Social Security’s finances:
The news that Social Security is still going strong is particularly good news for women, because women especially rely on Social Security [PDF]. Social Security provides more than half the family income of women 65 and older; without Social Security, nearly half of them would be poor. And Social Security isn’t just for retirement. Minority women disproportionately rely on Social Security disability benefits, and more than 1.1 million children were lifted out of poverty in 2011 by Social Security.