Fast Fact

Natalene Ong's picture

Less than half of workers participate in a retirement plan

Submitted by a b
July 17, 2008

Only a fraction of workers who participate in a retirement plan have access to a traditional kind of pension that guarantees income in retirement

Source
Economic Policy Institute. "Retirement Security Issue Guide." September 2006. Economic Policy Institute. 17 July 2008 http://www.epi.org/content.cfm/issueguides_retirement_facts
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Natalene Ong's picture

Without Social Security, more than 35 percent of Americans aged 65 and older would be living in poverty

Submitted by a b
July 17, 2008

Without Social Security, more than 35 percent of Americans aged 65 and older would be living in poverty

Source
Shelton, Alison. "Social Security." June 2007. AARP. 17 July 2008 http://www.aarp.org/research/socialsecurity/general/dd159_ss.html
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Natalene Ong's picture

Social Security is the cornerstone of retirement in America

Submitted by a b
July 17, 2008

Social Security provides 73 percent of the typical retiree's income, compared to 17 percent from pensions and 10 percent from savings and other sources

Source
Economic Policy Institute. "Retirement Security Issue Guide." September 2006. Economic Policy Institute. 17 July 2008 http://www.epi.org/content.cfm/issueguides_retirement_facts
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Eran Lillestrand's picture

Social Security Situation Stable

Submitted by Eran Lillestrand (not verified)
January 14, 2008

The Social Security situation is not as dire as con­servatives sometimes pretend. The program is currently in surplus. Under cautious estimates, it is projected to fall short around the year 2052.

Source
http://www.cbo.gov/ftpdoc.cfm?index=5530&type=0&sequence=2
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Roger Hickey's picture

Adequate Retirement Income

Submitted by Roger Hickey
September 1, 2006

Experts suggest a replacement rate of 75-80 percent of pre-retirement income is considered adequate, though rising retiree health care costs have led some to question this rule of thumb.

Source
Economic Policy Institute. Retirement Security: EPI Issue Guide. September 2006.
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Eran Lillestrand's picture

Underfunded Pension Plans

Submitted by Eran Lillestrand (not verified)
July 1, 2006

Corporate pension plans are underfunded by as much as $450 billion while the Pension Benefit Guaranty Corporation – which provides a partial guarantee of worker pensions for bankrupt companies – continues to show about a $23 billion deficit.

Source
Pension Benefit Guaranty Corporation. Pension Insurance Data Book 2005. Summer 2006.
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Robert Borosage's picture

Americans Are Spending More Then They Are Earning

Submitted by Robert Borosage
June 1, 2006

In 2005, Americans spent more than they saved for the first time since the Great Depression. People spent $1.04 for every $1 earned.

Source
Bureau of Economic Analysis. Survey of Current Business. June 2006.
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Eric Lotke's picture

CEOs are Better Covered then Private- Sector Workers

Submitted by Eric Lotke
April 7, 2006

69% of Fortune 1,000 CEOs are covered by traditional defined-benefit plans, while only 21% of private-sector workers are covered by the plans.

Source
Edward Iwata. “AFL-CIO Puts Big CEO Pensions Under Scope.” USAToday.com. 7 April 2006.
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Alex Carter's picture

Social Security Saves Seniors and Children From Poverty

Submitted by Alex Carter
May 2, 2005

Social Security benefits lift nearly 13 million seniors age 65 and older above the poverty line and lifted one million children under 18 above the poverty line in 2002.

Source
Arloc Sherman and Issac Shapiro. Social Security Lifts 13 Million Seniors Above the Poverty Line: A State-by-State Analysis. Center for Budget and Policy Priorities. 24 February 2005. Arloc Sherman. Social Security Lifts 1 Million Children Above the Poverty Line. Center for Budget and Policy Priorities. 2 May 2005.
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Roger Hickey's picture

Eliminating Social Security’s Deficit

Submitted by Roger Hickey
January 2, 2005

Extending Social Security taxes to incomes over $90,000 would eliminate the program’s projected long-range deficit.

Source
Virginia P. Reno and Joni Lavery. Options to Balance Social Security Funds Over the Next 75 Years. National Academy of Social Insurance. February 2005.
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