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Full-Text Articles in Social Work
Social Security: Strengthen Not Dismantle, Michael M. O. Seipel
Social Security: Strengthen Not Dismantle, Michael M. O. Seipel
The Journal of Sociology & Social Welfare
Social Security has benefited more than 55 million people. It has lifted about 14 million seniors and 6 million more people out of poverty without adding a penny to the federal budget. Social Security is increasingly becoming an important source of income for many people. Despite the projected shortfall, the program will continue to meet its obligations for the next two decades, and with minor adjustments, it can be on solid footing for the next 75 years. Cutting the benefits or privatizing may not be the best approach. This paper discusses the structure and function of Social Security and what …
Net Worth Accumulation By Different Quintiles Of Older Adults Approaching Retirement Age And 10 Years Later, Martha N. Ozawa, Yeong H. Yeo
Net Worth Accumulation By Different Quintiles Of Older Adults Approaching Retirement Age And 10 Years Later, Martha N. Ozawa, Yeong H. Yeo
The Journal of Sociology & Social Welfare
The shift in responsibility for income security from the government to individuals makes the accumulation of net worth a vital issue. We investigated the rate of net worth accumulation for people aged 51 to 61 in 1991 (N=7,544) and 61 to 71 in 2001 (N=5,711) using the RAND Health and Retirement Study. We found that the rate of net worth accumulation by the fifth (top) quintile was extremely high in 1991, and the distribution of net worth became more skewed in favor of the wealthy in 2001. Older adults in the first and second quintiles are unable to face the …