WASHINGTON, Feb. 2 (UPI) -- U.S. President George Bush Wednesday called for reform of the Social Security system, saying it currently "is headed toward bankruptcy."
In his State of the Union address to a joint session of Congress, Bush said fixing Social Security permanently "will require an open, candid review of the options."
"One of America's most important institutions -- a symbol of the trust between generations -- is also in need of wise and effective reform," Bush said. "Social Security ... on its current path, is headed toward bankruptcy. And so we must join together to strengthen and save Social Security."
Currently 45 million Americans receive Social Security.
"Thirteen years from now, in 2018, Social Security will be paying out more than it takes in. And every year afterward will bring a new shortfall, bigger than the year before," he said.
Bush wants younger workers to be able to set aside a portion of their wages in personal accounts that could then be passed on to heirs.
"You and I share a responsibility," Bush said. "We must pass reforms that solve the financial problems of Social Security once and for all."
