1 Social security专业英语.doc

一班各小组作业 Burns: The incredible importance of Social Security Scott Burns scott@ Published: 07 September 2013 08:02 PM Updated: 07 September 2013 08:02 PM It would be difficult to overstate the importance of Social Security. I dont say this as a blind loyalist of our largest social program. Im simply awestruck by how large it looms for all but the wealthiest Americans. Without this program, America as we know it would not exist. Were not talking about security here. Were talking about sustenance and survival. Were talking about the real deal in things that are too big to fail. To be sure, Ive been aware of how important Social Security is as our social safety net. You probably are, too. But a re-reading of an important research paper has added perspective to a column I wrote earlier this year. The paper, The Composition and Draw-Down of Wealth in Retirement by James M. Poterba, Steven F. Venti and David A. Wise, examines the financial condition of early retirees -- people who were age 65 to 69 in 2008. What makes the paper unique is that it evaluates Social Security and defined-benefit pensions -- things that give us income rights, not actual wealth -- as though they were wealth. That way they can be compared to the real wealth that most research examines -- to things like retirement plan savings, taxable savings and home equity. The study then shows the distribution of those assets for each decile (each 10 percent) of the population, from the wealthiest 10 percent to the poorest 10 percent. It also shows the differences between single-person households and married households. The results are shocking. Here are some of the most important findings: ? For most Americans, most wealth is virtual, not real. Weve known for a long time that Social Security wealth -- the rights to income that we build through working -- is the only form of wealth (and sustenance) that many people have when they retire. What hasnt been clear is how important Social Security is far, far up the