The Indicator from Planet Money What does the next era of Social Security look like?
Sep 26, 2024
A massive wave of retirements is fast approaching as millions of Americans hit 65, raising crucial questions about Social Security's future. The discussion dives into the historical roots of how retirement and support for the elderly evolved, particularly during the Great Depression. Current challenges and the looming financial insecurity for the Peak 65 generation are examined, alongside innovative ideas for reforming the safety net. The conversation promises insights into what retirement could look like for future generations.
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Social Security and Old Age
- Social Security significantly reshaped the concept of old age in the US, introducing the three-part life model (youth, middle age, old age).
- Before Social Security, there wasn't a widespread idea of retirement or old age as a distinct life stage.
The Townsend Plan
- The Townsend Plan proposed giving $200 monthly to every American over 60, provided they spent it, to boost the economy during the Depression.
- Although popular, it was deemed too expensive to implement.
Reparations Proposal
- The Ex-Slave Mutual Relief Bounty and Pension Association proposed pensions for formerly enslaved people as reparations.
- Racism during the Jim Crow era prevented its adoption.
