But while the state pension is a critical foundation for people's financial security as they age, it must be supplemented with other forms of retirement income.
Social Security is the foundation stone of that kind of retirement security. It not only needs to be strengthened in order to make sure it's there for younger baby boomers and Generations X and Y, but it probably needs to be strengthened and expanded because the retirement benefits now being offered by most employers are not sufficient to support middle-income Americans in their long years of retirement.
Social Security is not just the foundation of America's retirement dignity and security, it ensures the economic stability and strength of our families and our state's economy.
President Roosevelt, the author of Social Security, was the first to suggest that, in order to provide for the country's retirement needs, Social Security would need to be supplemented by personal savings accounts.
If Britain is to have a stable, affordable pension system, people need to work longer, but we will reward their hard work with a decent state pension that will enable them to enjoy quality of life in their retirement.
Retirement security is often compared to a three-legged stool supported by Social Security, employer-provided pension funds, and private savings.
On the other end of the spectrum, these women who do live long enough to collect Social Security face the challenge of being disproportionately dependent on the Social Security system for retirement income.
ESG investing poses particular concerns under the Employee Retirement Income Security Act, or Erisa, the federal law governing private retirement plans.
Right now, too many women who reach retirement age find themselves widowed or single, relying on their Social Security check for over half of their income.
Social Security is the very foundation of retirement security for millions of Americans.
In order to fix Social Security, we must restructure it so that we continue to provide for our Nation's seniors that are approaching retirement age, but allow for younger taxpayers to invest a portion of their Social Security taxes in private accounts.
My financial adviser Ric Edelman...thinks the time to start educating people about money is when they are children. He's set up a retirement plan called the RIC-E-Trust that can provide retirement security. A $5,000 one-time tax-deferred investment at birth, with an average interest rate of ten percent compounded, means that a child would have $2.4 million when he or she is 65 years old. Who needs Social Security with that kind of nest egg?
There is the general belief that the corporation income tax is a tax on the "rich" and on the "fat cats." But with pension funds owning 30% of American large business-and soon to own 50%-the corporation income tax, in effect, eases the load on those in top income brackets and penalizes the beneficiaries of pension funds.
Smart financial planning - such as budgeting, saving for emergencies, and preparing for retirement - can help households enjoy better lives while weathering financial shocks. Financial education can play a key role in getting to these outcomes.
We have management questions. On increasing the basic state pension in line with earnings, because we have made a clear promise and said that the increase in the pension age has to be brought forward, that is an affordable and deliverable commitment from the Conservative Party.
We obviously have to honor the commitments that have been made to the people who are already retired or near the retirement age. But we need to tell the truth about the fact that when we set the retirement age at age 65 in America, life expectancy was only 62.
Women would be disproportionately affected by the privatization of social security. It is one of the most important safety nets for American women in old age, or in times of disability, to insure financial income for their families.