Social Security
Social Security Update – Means Testing?
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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.
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