Image via Wikipediaby Greg Burns
It is among the most popular and important social programs in America, yet many Americans have only a vague idea about how it works. What nearly every American knows is that it's in trouble.
"This program affects hundreds of millions of Americans," said Jason Fichtner, chief economist at the Social Security Administration. "They're paying for a system that they expect to be there for them."
Is Social Security going under? How could it be fixed? Should everybody worry?
This report addresses Social Security, explaining what you need to know and how the system may change in years to come. The good news: Social Security can afford to pay benefits for decades. The bad news: After that, without reform, it's up for grabs.