The baby boomer generation includes Americans born between 1946 and 1964, or those that are between 52 and 70 years of age now. With this generation at or near Social Security age, there are some critical facts baby boomers should know about the financial state of Social Security, potential reforms, and recent changes to the rules.

1. Social Security isn't bankrupt

There has been no shortage of media coverage about Social Security's financial state, especially since it's a hot-button political issue right now. While Social Security isn't in the best financial shape, much of this coverage has overstated the problem, even referring to Social Security as bankrupt and "out of money."