Doug Henwood on the future of Social Security08/17/10 Robert Lorei
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This past weekend marked the 75th anniversary of Social Security. How safe is it? Can people in their 20â€™s, 30â€™s, 40's and 50's rely on it for their retirement years?
The Social Security system is 75 years old. Itâ€™s meant to supplement income during retirement years here in the US. Fewer and fewer companies are offering pension and individual retirement accounts, so Social Security has become more important for retirees. Without, nearly half of americans 65 years and older would be below the poverty line. For two thirds of the elderly, Social Security provides a majority of their income. Three million floridians receive Social Security.
Here to talk about the health of the Social Security system is Doug Henwood, with the Left Business Observer. Henwood is a contributing editor at The Nation. He also hosts Behind the News, a weekly program on New York City's listener-sponsored radio station WBAI.