Social Security

Social Security Update – Means Testing?

Rodney Brooks
October 18, 2022

With the 79th anniversary of the Social Security Act, retirees (and most workers) worry about its solvency; will it run out of money to pay benefits. What can be done about it?

First a few facts.

  • President Franklin D. Roosevelt signed the Social Security Bill into law on August 14, 1935.
  • An average of 65 million Americans receive benefits each month, including 47 million retirees and 3 million dependents. The average monthly benefit is $1,555.
  • Among elderly beneficiaries 37% of men and 42% of women depend on Social Security for 50 percent or more of their income. Twelve percent of elderly men and 15 percent of elderly women depend on Social Security for 90% or more of their income.

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Authored By Rodney A. Brooks

TRAFOTFBThe author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.

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“Rodney A. Brooks’ ‘Fixing the Racial Wealth Gap’ is one of the best written and most prescriptive books I’ve read on this prickly subject. Using powerful stats, stories and insightful wisdom, it is written from the heart, mind, body and spirit … plus years of research and thought as a mainstream journalist, Fixing the Racial Wealth Gap is revealing, humorous, instructive and sobering.” – Dr. George C. Fraser

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