Private Retirement Benefits and Social Security Working Together
Reading Time: 2 MinutesLast Updated: August 19, 2021
On August 14, 1935, President Franklin Roosevelt said, “We can never insure 100 percent of the population against 100 percent of the hazards and vicissitudes of life, but we have tried to frame a law which will give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-stricken old age.”
Nearly 81 years later, Social Security provides the foundation for retiring Americans that President Roosevelt imagined when he signed the program into law. The latest figures report that nearly 59 million Americans were receiving retirement, disability or survivors’ benefits from Social Security. Each year, nearly 15 million elderly Americans are lifted out of poverty by Social Security, proving that the program is indeed a crucial part of a secure retirement.
While Social Security provides a strong foundation for workers, the private retirement system also plays a key role in ensuring the economic well-being of retired Americans. Over 115 million workers receive retirement benefits through plans provided by their employers. In addition, the number of retirees receiving income from private retirement plans continues to increase.
On February 5, the U.S. Chamber of Commerce held a retirement forum focused on the success of employer-provided retirement systems. Panelists and speakers offered guidelines to help support the voluntary employment-based retirement benefits system and identified ways to encourage innovation and flexibility in the private retirement system. In addition, the U.S. Chamber of Commerce also released a white paper at the event entitled, “Private Retirement Benefits in the 21st Century: Achieving Retirement Security,” which recommends a series of steps to further bolster the private retirement system.
The true success story, however, is the combination of Social Security and employer-provided retirement benefits. Working hand in hand, the private retirement system and Social Security can ensure that millions of Americans keep receiving the stable and secure income that they deserve.
To educate companies on the benefits of this partnership, the Chamber and the Social Security Administration are co-sponsoring a conference, entitled “Promoting Retirement Security Makes Good Business Sense” on April 5, 2016 at 8:45 ET. The discussion will center on promoting the partnership between the Social Security and the business community to support a secure retirement for workers. We will also discuss how the current Social Security retirement program can supplement employer-provided retirement savings. I encourage you to tune in to the live webcast at US Chamber Live Webcast.
Have a question you would like to see answered on the day of the event? Post your question to @SSAOutreach using the hashtag #RETSCC and watch the live webcast to see if your question was chosen on the day of the event.
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About the Author
Randy Johnson, Senior Vice President, Labor, Immigration, & Employee Benefits, U.S. Chamber of Commerce
Randy Johnson, Senior Vice President, Labor, Immigration, & Employee Benefits, U.S. Chamber of Commerce
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Wenda M.
Why don’t educator pay into Social Security? I was shocked to find out I don’t have SS to kick in at aged 62 after 33 years of working for the School System.
J.Y.
Thanks for your question, Wenda. A pension based on work that is not covered by Social Security (for example, Federal civil service and some State or local government agencies, such as police officers and some teachers) may cause the amount of your Social Security benefit to be reduced. Your benefit can be reduced based on one of two provisions: The Government Pension Offset and the Windfall Elimination Provision.
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David i.
When I retired from a Municipal job with a small retirement and went on SS they declared a “windfall” on the Municipal retirement and reduced my SS by about the same amount I was receiving from the Municipal retirement, a “windfall” adjustment of around $400/mo.