A Vanishing Benefit: Why Social Security’s Special Minimum Benefit is Fading Away
This research provides an overview of the special minimum benefit, an alternative Social Security formula that was initially passed by Congress in 1972 to set a benefit “floor” and protect workers from experiencing severe poverty in retirement. To be eligible, workers must have a record of 11 years or more of covered employment and must not be qualified for another Social Security benefit of a higher value.
Over time, indexing of the special minimum benefit formula, combined with economic changes has made the policy ineffective at reducing poverty as intended. Because the indexing was based on prices instead of wages, participation in the program has diminished. Soon no new retirees will qualify for the benefit.
This research indicates that fixing the minimum benefit would help to reduce financial insecurity among seniors by providing adequate benefits for workers with lifetime low income who may not otherwise be able to continue employment past the standard retirement age.
Quantifying the Economic Impact of Social Security Benefit Spending
New research from the National Institute on Retirement Security finds that Social Security benefits play a powerful role in supporting the U.S. economy, generating $2.6 trillion in total economic output and supporting more than 12 million American jobs in 2023.
Social Security at 90: A Bipartisan Roadmap for the Program’s Future
The National Academy of Social Insurance, AARP, the National Institute on Retirement Security, and the U.S. Chamber of Commerce have released a new report detailing American’s views of retirement, Social Security at 90: A Bipartisan Roadmap for the Program’s Future.
Social Security’s First 90 Years: A History of Bipartisan and Intergenerational Support
As Social Security approaches its 90th anniversary, a new report from the National Institute on Retirement Security finds that public support remains strong for Social Security, and Americans become more confident in Social Security as they age.
