156 It is projected that Social Security will be depleted by 2037 (Crutsinger, 2010). It is imperative that the citizens of the United States plan for their own retirement. Social Security will be unable cover the needs of future retirees. The average retired couple receives only approximately $1,892 per month according to www.ssa.gov (2010). This falls well below the median income of $5,746 made by married couples without children according to The U.S. Census Bureau (2007). There are particular qualifications that must be met in order to receive benefits and the trust fund has a high probability of going bankrupt. However, it is possible to solve our financial dilemma by privatizing Social Security. “Treasury Secretary Timothy Geithner, the head of the trustees group, said the that the longer we wait to address the long-term solvency of Medicare and Social Security, the sooner those challenges will be upon us and the harder the options will be.”(Crutsinger, 2010). This article will go further into detail about the current state Social Security and Medicare as well as how privatization will protect the American people. Some qualifications to receive benefits are startling. An ex-spouse may be eligible for survivors benefits if the marriage lasted ten years or more. There are some refugees and other non-citizens that are eligible for Social Security for up to seven years according to www.ssa.gov (2010). Early retirement is an option at the age of 62; benefits are reduced for each month before full retirement age. Full retirement age is considered to be 67 years with the option of delayed retirement at 70 to receive higher payouts. Life expectancy in the United States is only 78 years old according to www.google.com (2008). This does not allow the average American much time to enjoy their golden years. The U.S. has the highest percentage of working elderly. In 2007, 3.6 million seniors 65 years and older lived in poverty (Stahl, 2009). Social Security has an effect on the economy with the possibility of going bankrupt. Today’s recession has resulted in loss of 5.7 million jobs since December of 2007 (Crutsinger, 2010). Fewer people working means less being paid in. Social Security drains capital from the poorest areas of the country, leaving less money available for new investment and job creation. In the next two decades 78 million Baby Boomers will retire, and become financially and medically dependent on the current U.S. taxpayers. Because the wealthy generally live longer than the poor, they receive more payments over the course of their lifetimes. Privatizing Social Security would make the system qual. Privatizing is one option that may possibly be the solution for the Social Security crisis. Individuals would have property rights of their benefits. Any remaining benefits after their death would become part of their estates, inherited by their heirs. Privatizing Social Security would allow individuals to have control over their own retirement decisions, eliminating the US government from regulating the system.