American Patterns of Work and Retirement

By most standards retirement policy in the United States has been a success. The Social Security system (Old-Age, Survivors, Disability, and Health Insurance, or OASDHI) provides a retirement pension and health benefits to most older workers and their families. The Supplemental Security Income Program guarantees a minimum income floor for those aged 65 and over regardless of past work histories. Federal tax policy encourages the creation of employer retirement pensions. The growth in both coverage and the size of benefits of this network of social insurance, social welfare, and employer pensions is in large part responsible for the dramatic increase in the well-being of older Americans.