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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Securing our future: The importance of Social Security</h1></header> <div class="posted-on"> Posted on 10/10/24 by <b>Ronda Gooden</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="center"> <img src="https://aarp-states.brightspotcdn.com/11/89/2f5f0cd2408080fe87cb1e31e7ff/social-security-gettyimages-1569769314.jpg" alt="The Importance of Social Security" width="6000" height="4000"/> </figure> </div> </div><p>In today's world, few things are as deeply woven into the fabric of our nation as Social Security. For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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} </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; 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For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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} </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP Mississippi Facebook Page" title="Image of AARP Mississippi Facebook Page" data-href="https://www.facebook.com/AARPMS" data-tabs="timeline" width="320" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true" lazy="true"> <blockquote cite="https://www.facebook.com/AARPMS" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPMS">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />Mississippi</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:MSAARP@aarp.org " target="_blank" rel="noopener">MSAARP@aarp.org </a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/mississippi/" target="_blank" rel="noopener">AARP Mississippi</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/heres-how-to-contact-aarp-mississippi/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-JACKSON-MS" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPMS" target="_blank" rel="noopener" aria-label="Open Facebook"><img alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/responsive/icons/48/facebook-dreamstale25.png"></a> <a href="https://twitter.com/aarpMS" target="_blank" rel="noopener" aria-label="Open Twitter"><img alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/responsive/icons/48/x-logo-black.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Securing our future: The importance of Social Security</h1></header> <div class="posted-on"> Posted on 10/10/24 by <b>Ronda Gooden</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="center"> <img src="https://aarp-states.brightspotcdn.com/11/89/2f5f0cd2408080fe87cb1e31e7ff/social-security-gettyimages-1569769314.jpg" alt="The Importance of Social Security" width="6000" height="4000"/> </figure> </div> </div><p>In today's world, few things are as deeply woven into the fabric of our nation as Social Security. For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. 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} </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP Mississippi Facebook Page" title="Image of AARP Mississippi Facebook Page" data-href="https://www.facebook.com/AARPMS" data-tabs="timeline" width="320" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true" lazy="true"> <blockquote cite="https://www.facebook.com/AARPMS" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPMS">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />Mississippi</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:MSAARP@aarp.org " target="_blank" rel="noopener">MSAARP@aarp.org </a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/mississippi/" target="_blank" rel="noopener">AARP Mississippi</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/heres-how-to-contact-aarp-mississippi/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-JACKSON-MS" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPMS" target="_blank" rel="noopener" aria-label="Open Facebook"><img alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/responsive/icons/48/facebook-dreamstale25.png"></a> <a href="https://twitter.com/aarpMS" target="_blank" rel="noopener" aria-label="Open Twitter"><img alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/responsive/icons/48/x-logo-black.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); 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For over eight decades, this bedrock program has offered"/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/94e6515/2147483647/strip/true/crop/6000x3857+0+71/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2F11%2F89%2F2f5f0cd2408080fe87cb1e31e7ff%2Fsocial-security-gettyimages-1569769314.jpg"/> :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Securing our future: The importance of Social Security</h1></header> <div class="posted-on"> Posted on 10/10/24 by <b>Ronda Gooden</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="center"> <img src="https://aarp-states.brightspotcdn.com/11/89/2f5f0cd2408080fe87cb1e31e7ff/social-security-gettyimages-1569769314.jpg" alt="The Importance of Social Security" width="6000" height="4000"/> </figure> </div> </div><p>In today's world, few things are as deeply woven into the fabric of our nation as Social Security. For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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} </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Securing our future: The importance of Social Security</h1></header> <div class="posted-on"> Posted on 10/10/24 by <b>Ronda Gooden</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="center"> <img src="https://aarp-states.brightspotcdn.com/11/89/2f5f0cd2408080fe87cb1e31e7ff/social-security-gettyimages-1569769314.jpg" alt="The Importance of Social Security" width="6000" height="4000"/> </figure> </div> </div><p>In today's world, few things are as deeply woven into the fabric of our nation as Social Security. For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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} </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; 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For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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} </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP Mississippi Facebook Page" title="Image of AARP Mississippi Facebook Page" data-href="https://www.facebook.com/AARPMS" data-tabs="timeline" width="320" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true" lazy="true"> <blockquote cite="https://www.facebook.com/AARPMS" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPMS">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />Mississippi</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:MSAARP@aarp.org " target="_blank" rel="noopener">MSAARP@aarp.org </a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/mississippi/" target="_blank" rel="noopener">AARP Mississippi</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/heres-how-to-contact-aarp-mississippi/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-JACKSON-MS" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPMS" target="_blank" rel="noopener" aria-label="Open Facebook"><img alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/responsive/icons/48/facebook-dreamstale25.png"></a> <a href="https://twitter.com/aarpMS" target="_blank" rel="noopener" aria-label="Open Twitter"><img alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/responsive/icons/48/x-logo-black.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Securing our future: The importance of Social Security</h1></header> <div class="posted-on"> Posted on 10/10/24 by <b>Ronda Gooden</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="center"> <img src="https://aarp-states.brightspotcdn.com/11/89/2f5f0cd2408080fe87cb1e31e7ff/social-security-gettyimages-1569769314.jpg" alt="The Importance of Social Security" width="6000" height="4000"/> </figure> </div> </div><p>In today's world, few things are as deeply woven into the fabric of our nation as Social Security. For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. 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} </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP Mississippi Facebook Page" title="Image of AARP Mississippi Facebook Page" data-href="https://www.facebook.com/AARPMS" data-tabs="timeline" width="320" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true" lazy="true"> <blockquote cite="https://www.facebook.com/AARPMS" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPMS">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />Mississippi</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:MSAARP@aarp.org " target="_blank" rel="noopener">MSAARP@aarp.org </a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/mississippi/" target="_blank" rel="noopener">AARP Mississippi</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/heres-how-to-contact-aarp-mississippi/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-JACKSON-MS" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPMS" target="_blank" rel="noopener" aria-label="Open Facebook"><img alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/responsive/icons/48/facebook-dreamstale25.png"></a> <a href="https://twitter.com/aarpMS" target="_blank" rel="noopener" aria-label="Open Twitter"><img alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/responsive/icons/48/x-logo-black.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); 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For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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In today's world, few things are as deeply woven into the fabric of our nation as Social Security. For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.
A pillar of retirement security
At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.
Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.
Importance of Social Security
To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.
Promoting economic stability
Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.
The future of Social Security
Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.
The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.
This story is provided by AARP Mississippi. Visit the AARP Mississippi page for more news, events, and programs affecting retirement, health care, and more.
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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Securing our future: The importance of Social Security</h1></header> <div class="posted-on"> Posted on 10/10/24 by <b>Ronda Gooden</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="center"> <img src="https://aarp-states.brightspotcdn.com/11/89/2f5f0cd2408080fe87cb1e31e7ff/social-security-gettyimages-1569769314.jpg" alt="The Importance of Social Security" width="6000" height="4000"/> </figure> </div> </div><p>In today's world, few things are as deeply woven into the fabric of our nation as Social Security. For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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} </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; 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For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Securing our future: The importance of Social Security</h1></header> <div class="posted-on"> Posted on 10/10/24 by <b>Ronda Gooden</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="center"> <img src="https://aarp-states.brightspotcdn.com/11/89/2f5f0cd2408080fe87cb1e31e7ff/social-security-gettyimages-1569769314.jpg" alt="The Importance of Social Security" width="6000" height="4000"/> </figure> </div> </div><p>In today's world, few things are as deeply woven into the fabric of our nation as Social Security. For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Securing our future: The importance of Social Security</h1></header> <div class="posted-on"> Posted on 10/10/24 by <b>Ronda Gooden</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="center"> <img src="https://aarp-states.brightspotcdn.com/11/89/2f5f0cd2408080fe87cb1e31e7ff/social-security-gettyimages-1569769314.jpg" alt="The Importance of Social Security" width="6000" height="4000"/> </figure> </div> </div><p>In today's world, few things are as deeply woven into the fabric of our nation as Social Security. For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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For over eight decades, this bedrock program has offered"/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/94e6515/2147483647/strip/true/crop/6000x3857+0+71/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2F11%2F89%2F2f5f0cd2408080fe87cb1e31e7ff%2Fsocial-security-gettyimages-1569769314.jpg"/> :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Securing our future: The importance of Social Security</h1></header> <div class="posted-on"> Posted on 10/10/24 by <b>Ronda Gooden</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="center"> <img src="https://aarp-states.brightspotcdn.com/11/89/2f5f0cd2408080fe87cb1e31e7ff/social-security-gettyimages-1569769314.jpg" alt="The Importance of Social Security" width="6000" height="4000"/> </figure> </div> </div><p>In today's world, few things are as deeply woven into the fabric of our nation as Social Security. For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Securing our future: The importance of Social Security</h1></header> <div class="posted-on"> Posted on 10/10/24 by <b>Ronda Gooden</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="center"> <img src="https://aarp-states.brightspotcdn.com/11/89/2f5f0cd2408080fe87cb1e31e7ff/social-security-gettyimages-1569769314.jpg" alt="The Importance of Social Security" width="6000" height="4000"/> </figure> </div> </div><p>In today's world, few things are as deeply woven into the fabric of our nation as Social Security. For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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For over eight decades, this bedrock program has offered"/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/94e6515/2147483647/strip/true/crop/6000x3857+0+71/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2F11%2F89%2F2f5f0cd2408080fe87cb1e31e7ff%2Fsocial-security-gettyimages-1569769314.jpg"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Securing our future: The importance of Social Security"/> <meta property="og:description" content="In today's world, few things are as deeply woven into the fabric of our nation as Social Security. 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For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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} </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Securing our future: The importance of Social Security</h1></header> <div class="posted-on"> Posted on 10/10/24 by <b>Ronda Gooden</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="center"> <img src="https://aarp-states.brightspotcdn.com/11/89/2f5f0cd2408080fe87cb1e31e7ff/social-security-gettyimages-1569769314.jpg" alt="The Importance of Social Security" width="6000" height="4000"/> </figure> </div> </div><p>In today's world, few things are as deeply woven into the fabric of our nation as Social Security. For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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} </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; 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For over eight decades, this bedrock program has offered"/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/94e6515/2147483647/strip/true/crop/6000x3857+0+71/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2F11%2F89%2F2f5f0cd2408080fe87cb1e31e7ff%2Fsocial-security-gettyimages-1569769314.jpg"/> :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Securing our future: The importance of Social Security</h1></header> <div class="posted-on"> Posted on 10/10/24 by <b>Ronda Gooden</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="center"> <img src="https://aarp-states.brightspotcdn.com/11/89/2f5f0cd2408080fe87cb1e31e7ff/social-security-gettyimages-1569769314.jpg" alt="The Importance of Social Security" width="6000" height="4000"/> </figure> </div> </div><p>In today's world, few things are as deeply woven into the fabric of our nation as Social Security. For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Securing our future: The importance of Social Security</h1></header> <div class="posted-on"> Posted on 10/10/24 by <b>Ronda Gooden</b> </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="center"> <img src="https://aarp-states.brightspotcdn.com/11/89/2f5f0cd2408080fe87cb1e31e7ff/social-security-gettyimages-1569769314.jpg" alt="The Importance of Social Security" width="6000" height="4000"/> </figure> </div> </div><p>In today's world, few things are as deeply woven into the fabric of our nation as Social Security. For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); 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} </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; 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For over eight decades, this bedrock program has offered economic security and dignity to millions of retirees, people with disabilities, and surviving spouses and children. It is a sacred promise between the government and the American people who pay in and earn their Social Security over a lifetime of hard work.<br><br><b>A pillar of retirement security</b><br><br>At its core, Social Security is a vital pillar of retirement security. Over the past years, as traditional employer-paid pensions have declined and retirement savings have shrunk, Social Security still provides guaranteed income Americans can count on throughout their lifetime.<br><br>Today, 67 million people benefit from Social Security. Forty percent of older Americans rely on Social Security for more than 50 percent of their family income. Fourteen percent relies on Social Security for 90 percent or more of their family income.<br><br><b>Importance of Social Security</b><br><br>To demonstrate why Social Security is such a vital source of retirement income, about half of the workforce has no employer-provided retirement plan. More than one in three working households age 21 to 64 has no individual savings set aside for retirement and 44% of people<b> </b>who are closer to retirement -- ages 55-64 -- have no retirement savings accounts. Even those households age 50 to 59 with retirement savings do not have enough; over 60 percent have less than $100,000.<br><br><b>Promoting economic stability</b><br><br>Social Security plays a pivotal role in promoting economic stability for individuals and communities by providing a steady stream of income to retirees, who spend it on the necessities of daily life, contributing $1.4 trillion a year to the U.S. economy. Additionally, it reduces poverty among vulnerable populations and lessens the burden on other government programs.<br><br><b>The future of Social Security</b><br><br>Social Security is paid for by dedicated payroll taxes and the interest those taxes have built up in the Security Trust Funds. Before 2021, Social Security collected more in taxes and interest than it paid out, so it built up a surplus to support the retirement of the “Baby Boomer” generation. Today that surplus is being used to supplement incoming payroll tax income, but eventually the Trust Funds will face a shortfall in 2034 according to current estimates.<br><br>The shortfall is caused by a growing population of retirees and lower birth rates. When that happens, Social Security will still be able to pay 80% of benefits, but a cut of 20% -- an average of over $4,000 a year -- would hurt both individuals and communities. However, if our leaders in Washington take action, America’s most reliable foundation of income security will keep delivering on its promise.<br><br> <br><br> <br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Mississippi. Visit the <a href="https://states.aarp.org/region/mississippi/" target="_blank">AARP Mississippi</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/jackson-ms/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <div class="ar-basic-box module-spacer"> <header> <div class="pull-right"> <a href="/jackson-ms/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS"> <img style="width:30px;" src="https://cdn-aarp.americantowns.com/img/template/icons/aarp_event_icon.png" alt="Upcoming AARP Events" /> </a> </div> <h2 class="visible-lg">AARP Events for Jackson</h2> <h2 class="hidden-lg">AARP Events for Jackson</h2> </header> <div class="wrap"> <div class="ar-listing snippet"> <ul class="list"> <li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/aarp-wy-qigong-with-nate-12272024-64n6nsqv839.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-THE-HEALING-ART-OF-QIGONG-TRY-OUR-GENTLE-HOME-WORKOUT">The Healing Art of Qigong: Try Our Gentle Home Workout</a></h2> <p class="time">Friday, Dec 27, 2024 at 12:00 p.m. CT</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/aarp-ak-tai-chi-with-mitch-for-strength-balance-and-relaxation-december-2024-anchorage-alaska-120624-fynwlvss9k5.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-FITNESS-LEARN-THE-ANCIENT-ART-OF-TAI-CHI">Fitness: Learn the Ancient Art of Tai Chi</a></h2> <p class="time">Friday, Dec 27, 2024 at 5:00 p.m. CT</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li><li class="item" data-pageindex="1"> <h2 class="title"><a href="/aarp-event/aarp-wy-holiday-harmony-qigong-and-nonviolent-communication-with-nate-12282024-5gnv7r5fl8f.html" data-formelementid="LOCAL-BTN-CLK-EVENTS-HOLIDAY-HARMONY-QIGONG-AND-NONVIOLENT-COMMUNICATION">Holiday Harmony: Qigong and Nonviolent Communication</a></h2> <p class="time">Saturday, Dec 28, 2024 at 12:00 p.m. CT</p> <p class="venue">Zoom</p> <p class="loc">Online Event</p> </li> </ul> <p><a class="link-red" href="/jackson-ms/aarp-events/" data-formelementid="LOCAL-BTN-CLK-SEEALL-EVENTS">View All AARP Events<i class="ml-1 fas fa-chevron-right"></i></a></p> </div> </div> </div> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-JACKSON-MS">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP Mississippi Facebook Page" title="Image of AARP Mississippi Facebook Page" data-href="https://www.facebook.com/AARPMS" data-tabs="timeline" width="320" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true" lazy="true"> <blockquote cite="https://www.facebook.com/AARPMS" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPMS">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />Mississippi</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:MSAARP@aarp.org " target="_blank" rel="noopener">MSAARP@aarp.org </a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/mississippi/" target="_blank" rel="noopener">AARP Mississippi</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/heres-how-to-contact-aarp-mississippi/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-JACKSON-MS" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPMS" target="_blank" rel="noopener" aria-label="Open Facebook"><img alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/responsive/icons/48/facebook-dreamstale25.png"></a> <a href="https://twitter.com/aarpMS" target="_blank" rel="noopener" aria-label="Open Twitter"><img alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/responsive/icons/48/x-logo-black.png"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); 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