Social Security
An Uncertain Birthday for Social Security
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September 9, 2024
Unhappy birthday?
The reserves used to pay the nation’s 70 million recipients is expected to be depleted by 2035, according to the agency’s trustee report released earlier this year. Benefits could be cut by 17 percent if that happens.
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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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.
