The logo for the Daily Beast's Obsessed website. It reads: 'Obsessed: What to Watch, Binge, See, & Skip'
DAILY BEAST
Membership call to action crossword iconCrosswordNewsletters
  • Cheat Sheet
  • Obsessed
  • Politics
  • Crime
  • Entertainment
  • Media
  • Innovation
  • Opinion
  • Reality TV
  • U.S. News
  • Scouted
CHEAT SHEET
    POLITICS
    • Biden World
    • Elections
    • Opinion
    • National Security
    • Congress
    • Pay Dirt
    • The New Abnormal
    • Trumpland
    MEDIA
    • Confider
    • Daytime Talk
    • Late-Night
    • Fox News
    U.S. NEWS
    • Identities
    • Crime
    • Race
    • LGBT
    • Extremism
    • Coronavirus
    WORLD
    • Russia
    • Europe
    • China
    • Middle East
    INNOVATION
    • Science
    TRAVEL
      ENTERTAINMENT
      • TV
      • Movies
      • Music
      • Comedy
      • Sports
      • Sex
      • TDB's Obsessed
      • Awards Shows
      • The Last Laugh
      CULTURE
      • Power Trip
      • Fashion
      • Books
      • Royalist
      TECH
      • Disinformation
      SCOUTED
      • Clothing
      • Technology
      • Beauty
      • Home
      • Pets
      • Kitchen
      • Fitness
      • I'm Looking For
      BEST PICKS
      • Best VPNs
      • Best Gaming PCs
      • Best Air Fryers
      COUPONS
      • Vistaprint Coupons
      • Ulta Coupons
      • Office Depot Coupons
      • Adidas Promo Codes
      • Walmart Promo Codes
      • H&M Coupons
      • Spanx Promo Codes
      • StubHub Promo Codes
      Products
      NewslettersPodcastsCrosswordsSubscription
      FOLLOW US
      GOT A TIP?

      SEARCH

      HOMEPAGE
      0

      We Need More Revenue for Social Security

      Ugg

      David Frum

      David Frum

      Updated Apr. 21, 2017 11:08AM EDT / Published Mar. 12, 2013 12:05PM EDT 

      What happens if we cut Social Security benefits for future retirees? Jed Graham does the math at Investors Business Daily:

      Among retirees 80 and up, 54% count on Social Security for at least 80% of their income.

      Further, even before benefit cuts, Social Security will only replace 36% of pre-retirement income for an average earner once the official retirement age rises to 67 in a decade — about half of what financial planners recommend.

      The risk is that far too many Americans won't increase their savings to make up for cuts to Social Security. Working longer could help overcome benefit cuts as well, but that's no sure thing, as the Great Recession has shown. Health can also shorten careers, and while disability benefits can help, an average earner who becomes disabled at 62 would still face a 17% lifelong benefit cut under progressive indexing.

      David Frum

      David Frum

      Got a tip? Send it to The Daily Beast here.

      READ THIS LIST

      DAILY BEAST
      • Cheat Sheet
      • Politics
      • Entertainment
      • Media
      • World
      • Innovation
      • U.S. News
      • Scouted
      • Travel
      • Subscription
      • Crossword
      • Newsletters
      • Podcasts
      • About
      • Contact
      • Tips
      • Jobs
      • Advertise
      • Help
      • Privacy
      • Code of Ethics & Standards
      • Diversity
      • Terms & Conditions
      • Copyright & Trademark
      • Sitemap
      • Best Picks
      • Coupons
      • Coupons:
      • Dick's Sporting Goods Coupons
      • HP Coupon Codes
      • Chewy Promo Codes
      • Nordstrom Rack Coupons
      • NordVPN Coupons
      • JCPenny Coupons
      • Nordstrom Coupons
      • Samsung Promo Coupons
      • Home Depot Coupons
      • Hotwire Promo Codes
      • eBay Coupons
      • Ashley Furniture Promo Codes
      © 2023 The Daily Beast Company LLC