Should we change Social Security to more fairly benefit moms? Have your say! Published by Jane the Actuary View all posts by Jane the Actuary
3 thoughts on “Forbes post, “(How) Should We Make Social Security Fairer For Moms?””
So I have worked 2 full time jobs for 30 years already and you don’t Think It is fair given that I have paid in more that my as check is bigger then someone who took off ten years and didn’t work to raise children. That is a choice they make with benefits of the joy they get from having children in their live vs the financial cost of lost work, expenses of children and lower as. Why should I pay for them to increase their as when I did not have the joy of spending children’s birthday parties etc. It is a trade off they made but don’t think it is fair I then cover their lost income.
What it comes down to is whether it is the best interest of society/the government to encourage parents to stay home with children vs to remain in the workforce. You reward what you want to see happen.
Assuming the Mom is married, she will at retirement age get 50% of her spouses Social Security benefit. Even if she never works outside the home.
If she works and accrues benefits greater than 50% of her spouse she can claim her own higher benefit for her lifetime. The Mom is always protected unless she is single and does not work to accrue a benefit. Since the employer pays half (50%) you have to work outside the home to accrue your own benefit.