#102 - Can I Live on Social Security Alone?
We are often told that our retirement system is a three-legged stool made up of Social Security, savings from employer-sponsored retirement plans, and private savings. But this model no longer matches today’s reality where 60 percent of workers don’t have a retirement plan at work. Coupled with life events like job loss, divorce and sickness that can easily wipe out private savings or 401k accounts, that leaves just one leg of the stool: Social Security. But can you really live on Social Security alone? On today’s episode, we are first joined by David, a veteran journalist and playwright, to discuss the realities of living on Social Security after a lifetime of working in a gig economy. Next, our expert roundtable, featuring host Teresa Ghilarducci and guest economists Anthony Webb and Rick McGahey, convenes to clear up misconceptions about our Social Security system: who it serves, how it’s funded, and where it can be strengthened. Finally, we close by shining a spotlight on upcoming Congressional hearings that will look at how to expand the Social Security system, the first in 50 years.