Boston Gal's Open Wallet

Research is being conducted to come up with an Elder Economic Security Index for each state to reflect what retirees need to meet basic needs. In Massachusetts researchers found that to afford housing, food, health care, transport and personal items, a person would need income equal to 150 percent to 300 percent of poverty level, which is $10,210 for individuals and $13,690 for couples.

With an expected swell in benefit-eligible retirees in the next 20 years, increased life expectancy, and a Social Security trust fund the government may have to go into debt to repay, actuaries and pension experts have been calling for changes to bolster the system's long-term funding. It's a debate that has been put on hold for now.

For those in their 20's, 30's and 40's, you can bank on this: whatever changes are decided, you'll either end up paying more for the benefits promised or you'll receive less of them, or, possibly, both.