Sunday, August 17, 2014

Happy 79th Birthday, Social Security!

August 14th marked social security's 79th birthday, the public retirement program courageously signed into law in 1935 by President Franklin D. Roosevelt, and radically reducing poverty among American seniors by providing a guaranteed basic income:

Social Security Works marked the occasion this year by urging expansion and releasing a series of reports with the Alliance For Retired Americans showing the importance of social security in all 50 states, the District of Columbia, Puerto Rico and four territories. 

“Social Security is one of the most successful programs in America’s history,” said Richard Fiesta, Executive Director of the Alliance For Retired Americans. “With pensions disappearing, it’s harder than ever for workers to save for retirement. We need to strengthen and expand Social Security, not cut it.”  

According to the Employee Benefit Research Institute in 2013, 1/2 of Americans today have less than $10,000 in savings, and only 14% are "very confident" they will have enough money to retire.  These figures arrive amidst new data from the Federal Reserve showing, too, that an increasing number of workers have been retiring earlier due to the Great Recession.

From eNews Park Forest:
This trend comes despite polling suggesting that an increasing number of workers approaching retirement age intend to delay retirement and stay on the job longer in order to make ends meet. The conflicting data suggests that thousands of older workers who lost jobs in the Great Recession may have simply retired instead of continuing to look for work or settle for low paying jobs. Coupled with recent polling in which nearly 1 in 5 workers between the ages of 55 and 64 said they had nothing saved for retirement, the new Fed data points to an increasingly difficult environment for American retirees.
Birthday celebrations took place across the country.  A couple of youtube below;  local coverage from Green Bay, Wisconsin:

Comments at a New Hampshire gathering:


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