The proportion of those over age 65 who live below the poverty line would grow from 8.9% to 35.8% without Social Security benefits and assuming no other changes, an analysis showed. Take a moment today to wish Social Security a happy birthday 🎂
It was on Aug. 14, 1935, that then-President Franklin Roosevelt signed the Social Security Act into law. Its birthday is worth celebrating because it’s all too easy for us to focus on this or that gripe we might have with Social Security or on the challenges that the fortunate among us have in managing our retirement portfolios. In the process we overlook the crucial role Social Security plays in financing the retirement.
Am I exaggerating the extent of the problem? In one sense, yes, since many have 401s at more than one institution, and still others also have an IRA. So the account sizes at Vanguard don’t necessarily reflect the entirety of workers’ retirement assets. Still, there is little doubt that financing retirement would be impossible for millions of Americans if they had to live on their 401s or IRAs. According to the Social Security Administration:A low-wage earner who worked for 30 years and paid Social Security taxes throughout his working life would receive at least $950.80 per month from Social Security. That’s more than eight times the amount that a median-sized 401 would produce with a 4% spending rule.
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