14 Feb How Social Security Reform Would Impact Low-Income Seniors
CLEVELAND– At one time, retirement planning was likened to a three-legged stool. Once people stopped working, they supported themselves with pensions, savings and Social Security.
But two legs of the stool have broken. Programs that employees must pay into have replaced those traditional, employer-funded pensions. Savings are bleak; almost half of American families have no money set aside for retirement For many elderly people—especially those who are low-income—the Social Security check is the only way to make ends meet.
And now that third leg is shaky.