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A Longevity Insurance Benefit for Social Security: An Innovation from the Past

In the United States, poverty rates for seniors increase at older ages.  The rates are higher for persons age 75 and older than for persons age 65 to 74.   Poverty rates increase at older ages because relatively more people fall into poverty as they age than exit poverty due to death. Persons who live longer may fall into poverty because of various life events -- their spouse dies, they have higher medical or long-term care expenses than expected, or their investment returns are worse than projected. As Americans live longer, they face an increased risk of outliving their savings.

August 26th, 2016|

Social Security’s Past, Present and Future

As we celebrate the 80th anniversary of Social Security, it is time to recall its contribution to the economic security of America’s working families, and to look toward its future.

Remarkably, for 80 years, through numerous wars and recessions, Social Security has never missed a payment, and has never contributed a penny to the federal debt. Self-financed through contributions by workers and their employers – augmented since 1983 by taxes on benefits – with its annual surpluses invested in U.S. Treasury Bonds, Social Security is walled off from the tumult of both the stock market and annual appropriations battles. While the rest of the government can – and does – accumulate debt, Social Security must, by law, live within its means.

August 13th, 2015|

The Value of Social Security Planning During National Retirement Planning Week

The National Academy of Social Insurance is participating in National Retirement Planning Week— April 13 to 17 — as a member of the National Retirement Planning Coalition, a group of prominent education, consumer advocacy and financial services organizations.

The coalition, led by the Insured Retirement Institute, is committed to making public education on retirement planning a national priority. A goal of National Retirement Planning Week is to show that it can be possible to “Retire On Your Terms” if comprehensive retirement plans are properly developed and managed.

As a member of the coalition, the Academy emphasizes the importance of building a Social Security retirement strategy into a holistic retirement financial plan.

April 14th, 2015|

Disability Insurance: Clarifying the Choices

Social Security Disability Insurance (DI) is much in the news these days. It can be hard to separate fact from fiction. Here are some key points to keep in mind.

DI Basics
DI provides essential wage-replacement income to workers who have lost their capacity to earn a living due to the onset of a severe, long-term disability. The DI definition of disability is very strict: a medical condition that prevents an individual from performing basic work activities for at least 12 months or that ends in death.

Although benefits are modest ($1,145 a month on average), more than half of disabled worker beneficiaries rely on these benefits for 75% or more of their total income.

January 28th, 2015|
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