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Showing blog posts tagged with retirement planning

Social Security: 6 Facts You Need to Know

Social Security is our most important family protection program that works not just for retirees, but also for people with disabilities and children who've lost a working parent. It's a promise for all generations. People pay for this benefit throughout their working lives. Social Security is immensely popular with voters across the political spectrum, which is why those who would like to dismantle the program consistently distort the facts and falsely claim the program is "bankrupt." It's important for working people to know the truth about the program and push back against Social Security myths and lies and fight for more, not less retirement security.

Here are six Social Security facts you need to know:

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Where Did All Our Pensions Go?

The Betrayal of the American Dream

A total of 84,350 pension plans have vanished since 1985. This figure shocked Pulitzer Prize-winning authors Donald L. Barlett and James W. Steele, who just released their latest book, "The Betrayal of the American Dream." Their chapter on retirement chronicles the heist of the American dream's secure retirement by the financial elite and is a very important section of the book, says Steele, who spoke with the AFL-CIO about the retirement crisis. Steele says there's another number we should pay attention to: $17,686. That's the median value of 401(k) accounts in 2011. For most working people, the amount in their 401(k) account would pay them less than $80 a month for life.

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Anti-Social Security Crusaders Fail to Incite Generational Warfare

Social Security Administration poster from 1989 featuring an actual SSA Call Center employee.

Social Security is popular.

It is one of the most, if not the most, popular federal government-run programs. It is social insurance, not welfare. It provides Americans with a reliable source of income when: a senior retires from work, a child loses a working parent or if a worker becomes disabled.

Social Security is an American promise.  We pay into the program during our working lives and we’re entitled to collect benefits. We paid for it. It’s our money.

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