Social Security

/Tag: Social Security

Social Security helped slash elderly poverty in the US from 35% to under 10% in the 20th century.

Americans are increasingly struggling to save enough for their later years, but this wasn't always the case.  In 1959, more than a third of all elderly Americans lived in poverty. That number was slashed to under 10% by the late 1990s, and Social Security deserves a large share of the credit. However Social Security is just 15

Here’s how much interest income Congress owes Social Security over the next decade

Social Security's importance to the American public simply can't be overstated. As of September 2018, the $1,417 benefit paid to the average retired worker is enough to keep an estimated 15.3 million elderly Americans above the federal poverty line, according to an analysis by the Center on Budget and Policy Priorities. Simply put, we'd be facing

Half of Americans fail this quiz on Social Security retirement benefits

Forty-seven percent of adults ages 50 and above could not pass a simple Social Security quiz. Two topics that particularly confused quiz takers: full retirement age and spousal benefits. Not fully understanding Social Security strategies can result in big losses for retirees if they make a mistake when claiming benefits. If you can't pass a

Older Workers Not Saving Enough for a Secure Retirement

One-third of working Americans between the ages of 55 and 65 have no retirement savings, and they are at risk of declining living standards and even poverty within the next decade, according to a study published by the Schwartz Center for Economic Policy Analysis. The outlook for workers saving in defined contribution plans, defined benefit

The disturbing trend of people losing Social Security benefits to student debt

To recoup student debt, the government is leaving people who rely on Social Security with benefits that fall below federal poverty guidelines, the GAO says. The number of older Americans defaulting on education loans has steadily increased in recent decades, as many have returned to college or co-signed loans for family members. Unpaid debt has