Social Security is a social insurance program. And these replacement rates are achieved only if we do something to boost Social Security revenues just to pay for these promised benefits to achieve these replacement rates. If we fully fund Social Security, but do nothing to help workers supplement Social Security, the number of poor or near-poor people over the age of 62 will increase by 25% between 2018 and 2045, from 17.5 million to 21.8 million. Of course, the picture is much darker if we fail to raise Social Security revenues and automatic benefit reductions occur. The Urban Institute as an excellent paper on how to make Social Security solvent.

Source: Forbes May 28, 2019 01:07 UTC