An interesting post on OurFuture.org suggests that the New York Times didn’t have it quite right when reports suggested that Social Security is in crisis. The more urgent problem, author Stacy Sanders suggests, is not the solvency of the program:
On the contrary, there is real data that shows its beneficiaries, particularly older women, are in crisis. Though never intended to be the only source of income in retirement, many find themselves solely reliant upon Social Security as they age. In fact, Social Security provides more than 90 percent of income to three out of ten retired elders. And, due to time spent out of the workforce for caregiving and lower lifetime wages, women are even more dependent on Social Security.
Last year, the average annual Social Security payment was only $11,316 for an older woman.