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In 1974, Congress passed protections for individuals in private retirement and health insurance plans.
Retirement plan sponsors must demonstrate fiduciary responsibility by acting in the sole interest of plan participants and beneficiaries.
Some companies sponsoring defined-benefit plans purchase annuities from private insurers.
Grandparents and other relatives play an important caregiving role in family well-being. Support from extended family is especially vital in families with low incomes.
Federal and state programs help many older people with low incomes. These programs provide access to vital services like income support and health care.
Two federal programs help states provide a broad range of social services important to older adults.
Social Security benefits are paid through a self-financing system.
Social Security program administration has multiple functions. It processes applications and payments and operates field offices around the country.
Some proposals to address Social Security solvency would adjust the calculation of initial benefits. Others adjust benefit growth over time.
Social Security benefits are calculated as a percentage of lifetime average earnings. Policymakers consider two factors when establishing the calculation of lifetime average earnings.