Social Security thus functions as the bottom tier in a three-tier system that also includes private pensions and individual savings. Social Security follows the worker from job to job and the protection before retirement rises as wages rise. Administrative costs take less than 1 percent of receipts. Thanks to Social Security and Medicare, no one family has to bear alone what could be the huge cost of caring for parents who are sicker than average or who exhaust their private savings. Disability benefits are paid currently to 5 million adults, and 3 million children under 18 receive benefits.
Protection is extensive.
Social Security is far from broken. The more dynamic the economy, the greater the need for individual protection against major economic hazards. Social Security's benefits may be modest, but the protection is secure. This article may not be resold, reprinted, or redistributed for compensation of any kind without prior written permission from the author.