August 14th is the 75th anniversary of Social Security, the retirement safety net that provides
“… benefits to 89 percent of the U.S. population aged sixty-five or older. It is the major source of income (providing 50 percent or more) for two-thirds of its beneficiaries. It is the only source of income for 21 percent of them. Without Social Security, 40 percent of those over the age of sixty-five would be in poverty.” …………The Social Security Network, A Century Foundation Project
Social Security was a really good idea
Now, here’s a really bad idea that Republicans love: Privatizing Social Security; handing over your retirement security to Wall Street, in the form of private retirement accounts.
Some of us already have those, of course… IRAs, Roth IRAs, maybe a 401k. We were sensible, frugal, and we were always well enough off to sock a little extra away.
The problem is that not everyone was able to do that. For them, Social Security is the only “golden parachute” our system offers.
It is not affected by market fluctuations. It is regular. It is modestly adjusted for inflation.
Have you watched your 401k become a 201K? Anxiously watched your IRA lose 40% of its value during the great Wall Street fiasco?
If you have, you’re probably damned glad you have Social Security to fall back on.