For Most, Social Security Is Pocket Money—Not a Pension

For Most, Social Security Is Pocket Money—Not a Pension

By Marine Cole

More than one-third of Americans who haven’t reached retirement age believes that Social Security will be a major source of income in their post-work years despite the ongoing funding problems of the government program.

The 36 percent of those polled in a recent Gallup survey who expect to rely heavily on Social Security represents the highest percentage in 15 years. It’s also nearly 10 percentage point higher than a decade ago.

Related: 6 Popular Social Security Myths Busted

In addition, 48 percent told Gallup that they expect Social Security to be a minor source of retirement funds, while only 14 percent said that they don’t expect Social Security to be a source of retirement income at all.

“Generally speaking, the older non-retirees are and the lower their household income is, the more they expect to rely on Social Security as a major source of retirement funds,” according to Gallup.

Close to half of non-retirees whose annual household income is less than $30,000 said Social Security will be a major source of funds.

Believing that Social Security will be a major source of retirement income might not be a great idea.

Social Security currently provides average benefits of about $1,260 a month. Going forward, Social Security checks could shrink if funding problems persist or benefits could start kicking in at an older age.

Map of the Day: Affordable Care Act Premiums Since 2014

FILE PHOTO: A sign on an insurance store advertises Obamacare in San Ysidro
MIKE BLAKE
By The Fiscal Times Staff

Axios breaks down how monthly premiums on benchmark Affordable Care Act policies have risen state by state since 2014. The average increase: $481.

Obamacare Repeal Would Lead to 17.1 Million More Uninsured in 2019: Study

A small group of demonstrators stand outside of of a hotel before former South Carolina Senator Jim DeMint, president of the The Heritage Foundation, speaks at a "Defund Obamacare Tour" rally in Indianapolis, Indiana, U.S.  August 26, 2013.  REUTERS/Nate
© Nathan Chute / Reuters
By The Fiscal Times Staff

A new analysis by the Urban Institute finds that if the Affordable Care Act were eliminated entirely, the number of uninsured would rise by 17.1 million — or 50 percent — in 2019. The study also found that federal spending would be reduced by almost $147 billion next year if the ACA were fully repealed.

Your Tax Dollars at Work

White House Office of Management and Budget Director Mick Mulvaney speaks about the budget at the White House in Washington
REUTERS/Kevin Lamarque
By Michael Rainey

Mick Mulvaney has been running the Consumer Financial Protection Bureau since last November, and by all accounts the South Carolina conservative is none too happy with the agency charged with protecting citizens from fraud in the financial industry. The Hill recently wrote up “five ways Mulvaney is cracking down on his own agency,” and they include dropping cases against payday lenders, dismissing three advisory boards and an effort to rebrand the operation as the Bureau of Consumer Financial Protection — a move critics say is intended to deemphasize the consumer part of the agency’s mission.

Mulvaney recently scored a small victory on the last point, changing the sign in the agency’s building to the new initials. “The Consumer Financial Protection Bureau does not exist,” Mulvaney told Congress in April, and now he’s proven the point, at least when it comes to the sign in his lobby (h/t to Vox and thanks to Alan Zibel of Public Citizen for the photo, via Twitter).

Chart of the Day: Rising Interest on the National Debt

By The Fiscal Times Staff