Q & A
I am a young working professional making monthly contributions into a 401-K account. My spouse is vested in his company and will have a comfortable pension at the time of retirement. I have been following the debate about the long-term viability of Social Security. Why is this so important? Shouldn’t we all be responsible for our future financial well-being?
Answer: It might be helpful to provide you with background surrounding the original intent when the Social Security Act was signed into act on Aug. 14, 1935 by President Franklin Roosevelt. The Act actually contained provisions to cover a wide range of programs. This statement by President Roosevelt addresses your question to some extent, “We can never insure one hundred percent of the population against one hundred percent of the hazards and vicissitudes of life”. His hopes were to prevent senior citizens from ending up impoverished and live their lives with dignity. Read more.