Social Security paying less than workers give.
They've warned us for years, now retirees are receiving less in Social Security than they paid in.
According to the Urban Institute, a married couple retiring last year, earning average lifetime wages, paid about $598,000 in Social Security taxes during their careers, but will only collect about $556,000 in benefits if they live into their 80s.
In 1960, retirees earned seven times the amount they put it in as long they made it to age 78 for men and 81 for women.
Not a problem says Edith Rincon with the Association for the Advancement of Retired Persons.
"Social Security is not in crisis at this moment," Rincon insists. "We know that it requires some meaningful changes to ensure future generations will receive the benefits they've earned."
Congressman Gene Green says so-called 'Baby Boomer' just live longer these days, and taking more out of the pot.
"My dad was fortunate to be in the Medicare generation, whereas his father and my other grandfather died before they even collected Social Security," says the Houston Democrat. "So, we're a victim of our success with good Medicare."
The Cato Institute's Michael Tanner says that's not good enough. He says major changes need to be made.
"You can bring in more money by raising the Social Security taxes on young workers," says Tanner. "Or you can reduce the amount of money going out by cutting Social Security benefits, which means raising the retirement age or changing the cost-of-living-adjustment."
Another option would allow today's workers could manage the money they chipped in so far.
"Social Security's rate of return is far less than private investment," Tanner says. "That's why one solution is to allow younger workers to privately invest at least a portion of their Social Security taxes through personal accounts."
It’s an issue Congress won't likely address until after the presidential election.
