It may seem unbelievable that this beloved program is headed for disaster, but this is no tall tale. President Clinton and Republicans and Democrats in Congress have made the issue a top priority because the program cannot continue without change. According to Social Security's Board of Trustees, in 15 years the program will be dishing out more money than it collects. Unless Congress takes action, retirees will receive only three-quarters of the benefits they've been promised. For the millions of workers who have been paying into Social Security, trusting that it will protect them in old age, such cuts would be morally unjust and financially devastating.
Women already face a tough situation when it comes to saving for retirement.
We are more likely then men to work for companies that do not offer pensions. In fact, more than four out of five of us don't have private pensions. After paying taxes, taking care of bills and putting food on the table, we rarely have much left over. Given our wages and family roles, it is not surprising that the poverty rate among elderly women is two times higher than among elderly men. The outcome of the current debate on Social Security will determine for millions of us whether we retire poor or whether we retire with security.