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Things to know about Social Security at 80: Overhaul time?

Social Security turns 80 on Friday, and the massive retirement and disability program is showing its age.

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A blank US goverment check with selective focus on the statue of liberty
Social Security check (Photo by ThinkStock)
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Social Security overpaid disability benefits by $17B, says report

WASHINGTON (AP) -- Social Security overpaid disability beneficiaries by nearly $17 billion over the past decade, a government watchdog said Friday, raising alarms about the massive program just as it approaches the brink of insolvency.

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Old Bridge Town Hall
Governor Chris Christie holds his 134th Town Hall in Old Bridge, N.J. on Tuesday, April 7, 2015. (Governor's Office/Tim Larsen)
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Christie’s entitlement plan – Do you agree with his strategy? – Poll

While he hasn't formally announced he's running for president, Governor Christie made a statement this week implying some major changes need to happen nationwide. According to him, Medicare and Social Security need serious reform, including a means test and a higher retirement age.

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U.S Treasury Facility Prints Social Security Checks
William Thomas Cain, Getty Images
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Social Security website helps you track your benefits

A lot of Americans are counting on Social Security benefits when they retire, but many don't know how much they can expect to receive.

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U.S Treasury Facility Prints Social Security Checks
Photo Illustration by William Thomas Cain, Getty Images
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Despite good news, benefit programs face long-term problems

WASHINGTON (AP) -- Despite some good news, Medicare and Social Security still face long-term financial problems as millions of baby boomers reach retirement. Social Security's disability program is already in crisis as it edges toward the brink of insolvency.

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Health and Human Services Secretary Sylvia Burwell, center,  speaks at a news conference at the Treasury Department in Washington, Monday, July 28, 2014, to discuss the release of the annual Trustees Reports. (AP Photo/Susan Walsh)
Health and Human Services Secretary Sylvia Burwell, center, speaks at a news conference at the Treasury Department in Washington, Monday, July 28, 2014, to discuss the release of the annual Trustees Reports. (AP Photo/Susan Walsh)
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Medicare’s own health looking better, report says

WASHINGTON (AP) -- Medicare's financial future is looking brighter despite a growing wave of baby boomers reaching retirement.

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The Social Security Administration's main campus is seen in Woodlawn, Md. (AP Photo/Patrick Semansky, File)
The Social Security Administration's main campus is seen in Woodlawn, Md. (AP Photo/Patrick Semansky, File)
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Social Security spent $300M on ‘IT boondoggle’

WASHINGTON (AP) -- Six years ago the Social Security Administration embarked on an aggressive plan to replace outdated computer systems overwhelmed by a growing flood of disability claims. Nearly $300 million later, the new system is nowhere near ready and agency officials are struggling to salvage a project racked by delays and mismanagement, according to an internal report commissioned by the agency.

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Nancy A. Berryhill, the Social Security Administration's deputy commissioner for operations, testifies on Capitol Hill in Washington, Wednesday, June 18, 2014.  (AP Photo/J. Scott Applewhite)
Nancy A. Berryhill, the Social Security Administration's deputy commissioner for operations, testifies on Capitol Hill in Washington, Wednesday, June 18, 2014. (AP Photo/J. Scott Applewhite)
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Social Security closes offices as baby boomers age

WASHINGTON (AP) -- Budget cuts have forced the Social Security Administration to close dozens of field offices even as millions of baby boomers approach retirement, swamping the agency with applications for benefits, a senior agency official told Congress Wednesday.

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U.S Treasury Facility Prints Social Security Checks
Photo Illustration by William Thomas Cain, Getty Images
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Woman Admits Cashing Dead Mom’s Checks Since 1983

A Pennsylvania woman accused of stealing more than $520,000 in her dead mother's Social Security checks over the span of 30 years has pleaded guilty.

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Labor Activists Rally At Rubio's Office To Avert Fiscal Cliff
Joe Raedle, Getty Images
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Social Security Benefits Increase by 1.5 Percent

Social Security benefits will rise 1.5 percent in January, giving millions of retired and disabled workers an average raise of $19 a month to keep up with the cost of living.

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