President Franklin D. Roosevelt signed the Social Security law in order to help low and middle-income Americans during their senior years and after being disabled. Unfortunately, in today’s political climate there are those that want to greatly reduce the various Social Security benefits many Americans already receive.
Social Security benefits have helped and continue to help millions of poor and middle income as well as disabled Americans get by every month. These individuals are not receiving a lot of money each month, but it is enough to help them cover their expenses. Many individuals do not know what they would do if their Social Security income was reduced or eliminated.
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Social Security has never been more essential than it is today. Traditional defined benefit pensions are increasingly rare, especially for younger Americans. That means that for future generations of retirees, Social Security will be the only guaranteed retirement income that they can never outlive. Already, one-third of elderly beneficiaries rely on Social Security for all or nearly all of their income. That number will be higher for their children and grandchildren.
The problem with relying solely on Social Security? Benefits are too low to allow America’s families to retire and face disability or the death of a breadwinner without drastic cuts in their standards of living. Social Security benefits are modest by virtually any measure. Average benefits are only $16,000 a year.
Though the Social Security benefits are too low, they are still a major improvement over the time before Social Security. Prior to its enactment, people, as they aged, had no resources at all and were forced to move in with adult children or condemned to live in squalid poorhouses. Surviving parents often had no choice but to give up their children when spouses died prematurely; working families were left destitute when workers became disabled or died. Americans deserved better, and the country responded. It is time to respond further. Though Social Security has provided us with greater economic security, it can do more.
Read the full article at: www.huffingtonpost.com