You might have to work forever: The honest reality about Social Security and retirement

[RunInCircles]

88. This article is flawed in several ways.

Social Security is not replacing less of our retirement income the formula has not changed in 3 decades.
We are experiencing an adjustment made in 1983 that increased the age at which you are entitled to that benefit.
The full retirement age used to be 65. For people retiring now they have to work to age 66. For those retiring more than 6 years from now the full retirement age starts to increase to 67 years reaching that level for those born in 1960 and later. If you make it to your full retirement age SS provides more than 90% of the first 10K of 35 years worth of averaged wage adjusted earnings. Yes this does not lift you out of poverty. But if your average earnings were below 10K you have always been very poor or you did not work on the books and have much fewer than 35 years of reported income.
The problem is so few people have a pension plan provided to them from work. The company I worked for for over 16 years went belly up laid everybody off and I have never found employment since then with a company pension. This is the reason that nobody can retire early any more. So without connecting the dots the author veers into needing to do something to Social Security although the real problem is and remains the greed of those on Wall Street and the very wealthy.
When they say the golden age is over I ask why. If we would demand more, organize and support each other we could take back the benefits which have been pilfered from us by the 1%. Yes 401K's are one of the biggest gifts to Wall Street EVER. Invest your hard earned money so the rich wall street money manager can scoop his off the top regardless of how your money performs. And you can not even change money managers because then you would have to leave the 401K. No competition and years of them helping themselves to your money is the perfect gift if you are on Wall Street.
Social Security is the only program still working for us. Leave it alone. If more funds need to be raised then there were almost 9 million people in 2013 who earned more than the income cap. Raise the income cap.
If Pete Peterson is so worried about Social Security I have a suggestion. If you exceed the income cap every year for 35 years your social security benefits over your remaining life expectancy are almost 1 million dollars. You don't need this. Go out there and convince your 10,000 richest friends to not apply for social security. This will save 10 trillion dollars which is the entire estimated 75 year shortfall of the entire system. Boom then you can take credit for saving Social Security.