This article by Fortune magazine’s Allan Sloan gives an indication of some of the trouble facing the Social Security system.  Consider the following statistics:

• Social Security currently accounts for half of the total income for 52% of married couples and 72% of singles over the age of 65
• Social Security currently accounts for 90% of the total income for 20% of couples and 41% of singles

Those numbers are staggering.  When you think about the looming number of baby boomers who will be applying for benefits over the next several years, high unemployment rates (which mean reduced income into the Social Security system) and decimated investment portfolios, there is no doubt that Social Security needs an overhaul.