Personal savings may be an even larger problem. The United States has both the lowest tax rates and the lowest savings rates of any industrialized country. The average American has less than $1,500 in savings and the average 50 year old only has $10,000 set-aside for retirement. This is a problem that dwarfs the relatively easy problems in the Social Security system.

Over 750,000 Minnesotans---including retirees, widows and dependents---receive an inflation-adjusted and guaranteed payment that collectively amounts to over $650,000,000 dollars that is reinvested in every one of Minnesota’s communities. MnSF partnered with the Alliance for Retired and Minnesota United to Protect Social Security in working with members of congress on ways to strengthen and preserve the Social Security Insurance program for future generations.

MnSF believes that for people to have adequate retirement financial security, we need a combination of strong private pensions, increased savings through increased "defined contributions" to a variety of saving options, and a "defined benefit" Social Security program that will remain as the primary social insurance program for all present and future generations of Americans.

In response to proposals that would privatize the Social Security Insurance program, MnSF launched a successful educational and activism campaign including community presentations, newly developed resources, and accountability sessions with those in Congress.  This is a pivotal time to work with MnSF in protecting and strengthening the nation’s Social Security Insurance Program. Visit the MnSF calender, which includes committee information, and join us at our next meeting.
  
Dean Lemke
MnSF Executive Vice President of Issues
MnSF Social Security Action Committee Chair