The American Association of University Women Educational Foundation recently asked adult children about the financial security of their mothers. It turns out that people whose mothers have not yet reached retirement age are not fully aware of the significance of Social Security in their mother’s retirement.
In some cases, adult children underestimate the importance of Social Security to their mothers’ and their own retirement security. Yet the vast majority of older women (90 percent) receive Social Security, and for most of them, it is the largest source of income.
Overall, Social Security makes up more than half the income of women 65 and older. The current Social Security system is more than just a retirement program; across the lifespan, it is one of the most successful anti-poverty programs in our nation’s history, providing benefits to many children, disabled workers, surviving spouses and retirees.
New federal incentive programs to save should not come at the expense of the guaranteed, lifetime benefits of Social Security.
We can never repay our mothers, but we can try to ensure that she is financially secure throughout her lifetime. Mothers may like chocolates on Mother’s Day, but Social Security is still her bread and butter.
Judith Prince
Everett
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