Social Security Is More Important Than a Lot of People Realize

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The 2015 Retirement Confidence Survey from the Employee Benefit Research Institute is out, and it shows the usual: hardly anyone thinks that Social Security benefits will remain stable in the future. They expect cuts, cuts, and more cuts.

This may be part of the explanation for the two charts on the right. If you ask current workers, only a third think that Social Security will be a major source of retirement income. But if you ask current retirees for a reality check, two-thirds report that Social Security is a major source of their retirement income.

Why the big difference? If workers think Social Security benefits are likely to be cut, that’s probably a part of the explanation. But a bigger part is almost certainly just invincible optimism. Current workers are sure they’re going to save enough, or get a big enough return on their 401(k), or get a big enough inheritance, or something—and this will see them through their retirement. Social Security? It’ll just be a little bit of extra pin money for fun and games.

But in reality, that’s not how it works. For most people, it turns out they don’t save nearly as much as they think, which in turn means that their little Social Security check is what keeps them solvent. If more people understood this, public acceptance of conservative plans to cut Social Security benefits would probably be a lot lower.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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