Pensions for the Aged

SOCIAL SECURITY Pensions for the Aged A comprehensive study of old-age pensions in the U.S. was released last week by the congressional Joint Committee on the Economic Report. More than two years in preparation, the committee's 77-page report was offered as "background for public discussion, for policy decision, and for continual and more detailed research." Among its findings: P: 90% of the U.S. labor force is now covered by retirement insurance; 15 years ago, only 15% was covered.

P:Most of the insured (4 out of 5) are under federal Old-Age and Survivors Insurance, but there has also been a notable growth of private pension plans--from 720 in 1930 to 14,000 (covering 10 million workers) in 1951.

P:3,500,000 men & women aged 65 or over are now getting such federal benefits. Average: $47 a month for individuals and $80 for married couples. Some 800,000 are on other government retirement rolls. About 500,000 get pensions from non-governmental plans.

P:Of the 13 million in the U.S. who are 65 or over, 9,000,000 get no income from current work. In 25 years, there will probably be 20 million in this age bracket, of whom 14 million may be without income from current work.

On the whole, the committee saw "great progress" toward solving the problem of "income maintenance in old age." But much was still "quite unsatisfactory." Among the report's recommendations: t| More jobs for the able-bodied aged who want to work.

P:More benefits for aged widows and workers prematurely retired because of disabilities.

P:Pensions adjusted to current standards of living. "Benefits are low, on the average considerably below subsistence ..." P:Research and policy agencies to continue the study of the problem, to gather more data on private pension plans, to correlate various pension schemes, and to improve pension financing.

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