Social Security
Social Security Update – Means Testing?
|
October 18, 2022
With the 79th anniversary of the Social Security Act, retirees (and most workers) worry about its solvency; will it run out of money to pay benefits. What can be done about it?
First a few facts.
- President Franklin D. Roosevelt signed the Social Security Bill into law on August 14, 1935.
- An average of 65 million Americans receive benefits each month, including 47 million retirees and 3 million dependents. The average monthly benefit is $1,555.
- Among elderly beneficiaries 37% of men and 42% of women depend on Social Security for 50 percent or more of their income. Twelve percent of elderly men and 15 percent of elderly women depend on Social Security for 90% or more of their income.
Hello, I'm
Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
Learn More About Rodney
Sign Up For My Newsletter!
Subscribe for the latest news and features
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
