Saving Ourselves – Social Security can never do it alone

Except for the lowest income Americans, you can’t make Social Security sufficient to provide continuation of one’s living standard into retirement That means the great majority of Americans need to save and it also means that if American business was smart it would help them do so.

FRANKLIN ROOSEVELT said on Aug. 14, 1935, that the new Social Security program would provide “some measure of protection to the average citizen… against poverty-ridden old age.”

Nancy Altman, president of Social Security Works and chair of the Strengthen Social Security coalition, opined this year that “after a lifetime of work Americans should have enough guaranteed Social Security to maintain their standard of living.

Make no mistake: There’s a vast gap between Roosevelt’s notion of protecting against poverty and Altman’s goal of guaranteeing one’s standard of living. The latter implies 100% income replacement.

How did we end up here?

Source: Saving Ourselves – HumbleDollar

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