Abstract
Income and asset inequalities throughout the life course (such as access to higher education, well-paying employment, and employment benefits) shape retirement resources. Those with fewer economic means or asset-building opportunities in early
adulthood and middle age will face greater financial challenges in old age and have to rely more heavily on the social safety net. Bolstering the special minimum benefit in Social Security, and coordinating this policy change with adjustments and reforms of other programs that affect low-income seniors, will serve to enhance the economic security of millions of retirees throughout the United States. This policy paper proposes three spheres of reform that will strengthen the economic security of older Americans, particularly those who worked in low-wage occupations. First, it builds upon the existing Social Security special minimum benefit for low income workers by tying this minimum to a modernized poverty measure. Second, the analysis reveals how program interactions must be considered to ensure that economic security is strengthened for the beneficiaries of the new minimum. Third, an examination of current asset limits for means-tested programs suggests that asset limit modifications would further enhance the economic security of low-income beneficiaries.