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2013 Social Security Trustees Report in Charts
Social Security provides retirement and disability benefits to 60 million people — nearly one out of every five Americans. As the population ages and the large baby boom generation enters retirement, more and more people will be collecting benefits, while at the same time fewer workers will be paying taxes to support each beneficiary.
In its annual report, the independent trustees of Social Security warned that, absent reforms, this demographic shift will create major financial challenges for Social Security:
The Financial Condition of Social Security
Social Security currently provides benefits to 59 million Americans, including retired workers, disabled workers, and their spouses and survivors. As the population ages and the large baby boom generation enters retirement, the number of people receiving benefits is expected to climb to 88 million by 2033.
Social Security faces major financial challenges. In their annual report, which was released Monday, the Trustees warn that without legislative action:
Financial Condition of Social Security
Social Security is an important program that is part of the fabric of America. We must ensure that Social Security is available for future generations. Without reform, Social Security’s shortfall will grow larger and larger until the program may simply be unable to pay full benefits to future retirees. Reforms can also be implemented in ways that protect the most vulnerable.