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89-477: The Century Foundation was founded in 1919 by Edward A. Filene , an American businessman, social entrepreneur, and philanthropist, under the name of The Cooperative League. The organization's mission was to act as an advisory committee for Filene in disbursing his funds in a way that could best benefit the world. Renamed the Twentieth Century Fund in 1922, and then The Century Foundation in 1999,

178-410: A Bulletin and books to inform the public before World War II. His other major concern was mass production. He argued that higher wages and shorter hours for workers would enable them to buy materials they could not otherwise afford. He wrote several books on the subject and proposed that mass production, mass distribution and worker purchasing power were the answer to economic depression. He admired

267-625: A profit sharing program, a minimum wage for women, a 40-hour work week, health clinics and paid vacations. He also played an important role in encouraging the Filene Cooperative Association, "perhaps the earliest American company union". Through this channel he engaged constructively with his employees in collective bargaining and arbitration processes. In 1907 Filene traveled around the world, and by February reached Calcutta , India . There, he visited some rural cooperative banks that had been promoted and funded by

356-593: A Benefits Calculators web page with several stand-alone online calculators that help individuals estimate their benefits and prepare for retirement. These include benefit calculators for spouses, calculators for persons affected by the Windfall Elimination Provision or the Government Pension Offset and calculators to determine a person's full retirement age or the effect of the earnings test on benefits. SSA also provides

445-747: A bipartisan analysis to the Congress, the administration, and the American people. It released its final report, To Assure Pride and Confidence in the Electoral Process, to Congress and the White House on July 31, 2001. In 2002, the Help America Vote Act (HAVA) was passed by the Congress and signed into law by President Bush. The Century Foundation also has supported two task forces that examined homeland security issues after

534-401: A champion of popular rights. He was a prophet who perceived the true meaning of these changing times. He was an analyst who was able, by mathematical calculations, to make plain to us that our modern mechanism of abundance cannot be kept in operation unless the masses of our people are enabled to live abundantly. His democracy was, therefore, more than a tradition. His liberalism was more than

623-403: A formula. His faith was more than a mere assent to principles which have proved to be tried and true. He did not repudiate the past, after the fashion of some reformers, nor did he repudiate the future after the fashion of those who fear reform. He believed in learning and searching out the ways of human progress. Roy Bergengren conducted a series of memorial meetings for credit unionists around

712-476: A founder of the Boston, American and international chambers of commerce. Filene believed in the intrinsic capability of ordinary people to improve their own condition, given "good information and the discipline to use it effectively." This faith led not only to his involvement with credit unions, but to a wider interest in research into critical social and economic trends. This research, if clearly explained to

801-692: A heart attack. In 1936, Steffens died with the book incomplete. In 1937, Cantwell gave the manuscript to Filene–and Filene died. The book went unpublished. In 1944, the Liberty ship SS  Edward A. Filene was built for the U.S. Maritime Commission by St. Johns River Shipbuilding Company in Jacksonville , Florida. Laid down on February 9, the ship was launched on April 6 in a christening ceremony sponsored by Catherine Filene Shouse that many in Florida's credit union business attended. In 1966,

890-462: A life expectancy calculator to help with retirement planning. If a person first claims a retirement benefit at the full retirement age (FRA), the individual will receive a monthly benefit amount equal to 100 percent of the individual's primary insurance amount (PIA). If first claimed before the FRA, the monthly benefit amount is smaller than 100 percent of PIA and if claimed after the FRA the monthly amount

979-595: A national federation funded by the nation's credit unions, was formed to replace the Bureau. The role of philanthropy in creating the US credit union system was over. The founding by-laws of CUNA recognized Filene's contributions with the following words: In grateful recognition of the fact that Edward A. Filene is the Friedrich Wilhelm Raiffeisen of America – that he first brought cooperative credit to

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1068-453: A reduced monthly benefit amount and a worker who claims at an age after the full retirement age (up to age 70) receives an increased monthly amount. The 90, 32, and 15 percent factors in the PIA computation lead to higher replacement rates for persons with lower career earnings. For example, a retired individual whose average earnings are below the first bend point can receive a monthly benefit at

1157-482: A replacement Social Security card or check the status of an application. A printed copy of the Social Security Statement is mailed to workers age 60 or older. In 2021, SSA began producing Retirement Ready fact sheets, available online and as part of the online Statement, that tailor retirement planning information to different age groups (young, middle age, and older workers). SSA also has

1246-422: A small community pattern but in which all Americans are more or less dependent upon what all other Americans are doing. An important initiative was the "Boston-1915", a multi-sector, private-public sector partnership that organized leaders and committees to take leadership roles in solving key urban problems, including slums, public health, crime and local governance . Filene was for world peace ; he joined

1335-463: A timely basis. The amount of the monthly Social Security benefit to which a worker is entitled, currently depends upon the earnings record on which they have paid FICA or SECA taxes and upon the age at which the retiree chooses to begin receiving benefits. That said, the U.S. Supreme Court ruled in Flemming v. Nestor (1960) that no one has a contractual right to Social Security benefits. Medicare

1424-495: Is $ 168,600. Social Security is nearly universal, with 94 percent of individuals in paid employment in the United States working in covered employment. However, about 6.6 million state and local government workers in the United States, or 28 percent of all state and local workers, are not covered by Social Security but rather pension plans operated at the state or local level. Social Security payroll taxes are collected by

1513-578: Is a separate program from Social Security, although disabled and aged (65 or older) Social Security beneficiaries qualify for Medicare. The financing for Medicare (United States) is also based on payroll taxes, trust fund reserves, and the taxation of some Social Security benefits. Workers in Social Security covered employment pay FICA ( Federal Insurance Contributions Act ) or SECA (Self Employed Contributions Act) taxes and earn quarters of coverage if earnings are above minimum amounts specified in

1602-596: Is administered by the Social Security Administration (SSA). The Social Security Act was passed in 1935, and the existing version of the Act, as amended, encompasses several social welfare and social insurance programs. The average monthly Social Security benefit for September 2023 was $ 1,706. The total cost of the Social Security program for 2022 was $ 1.244 trillion or about 5.2 percent of U.S. gross domestic product (GDP). Social Security

1691-493: Is funded primarily through payroll taxes called the Federal Insurance Contributions Act (FICA) or Self Employed Contributions Act (SECA). Wage and salary earnings from covered employment, up to an amount determined by law (see tax rate table), are subject to the Social Security payroll tax. Wage and salary earnings above this amount are not taxed. In 2024, the maximum amount of taxable earnings

1780-479: Is lowering balances. Without legislative changes, trust fund reserves are projected to be depleted in 2033 for the OASI fund. Should depletion occur, incoming payroll tax and other revenue would be sufficient to pay 77 percent of OASI benefits starting in 2035. With few exceptions, all legal residents working in the United States have an individual Social Security Number . Social Security timeline A limited form of

1869-504: The 1929 crash of the stock market ; America's Needs and Resources, a 1947 report that set forth a forecast of the nation's needs, industrial production, and income over the following two decades; Jean Gottmann ’s Megalopolis: The Urbanized Northeastern Seaboard of the United States ; the New Federalist Papers by Nelson W. Polsby , Alan Brinkley , and Kathleen Sullivan ; and Gunnar Myrdal 's Asian Drama: An Inquiry into

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1958-700: The Chicago River and the Merchandise Mart in downtown Chicago, Illinois. The first credit union to be named after Filene outside the United States was Filene Credit Union in Broad Cove, Nova Scotia in December 1932. In 1931, Lincoln Steffens agreed to write a biography of Filene. He asked Whittaker Chambers to help him write it; when Chambers declined, he turned to Robert Cantwell . In December 1931, Cantwell accepted–and Steffens had

2047-555: The Great Depression set in the Reconstruction Finance Corporation under President Hoover sought to stimulate the economy with soft loans targeted to banks, railways and large companies. Filene favoured asking for $ 100 million in reconstruction credits to be pumped into credit unions. Bergengren strongly opposed this position, and his view prevailed this time. "To him, it meant destroying

2136-476: The Great Depression . The Committee determined that the Townsend plan was unworkable, but its members continued to examine the issue of the elderly poor, and in 1937, More Security for Old Age, a report and program for action was published, providing an analysis of the newly created Social Security program. Through the ensuing years, the organization has returned to the issue frequently. More recently, beginning in

2225-563: The League to Enforce Peace founded 1915 in New York after World War I had broken out, and he supported the League of Nations after the war. Filene corresponded with a wide range of leaders from Woodrow Wilson and Georges Clemenceau to Mahatma Gandhi and Vladimir Lenin . During the 1930s, Filene was concerned about the growing threat of the Axis powers on the international front, and

2314-731: The Liberal Democrats in the United Kingdom and member of the House of Lords. In 2001, The Century Foundation published The Fabulous Decade: Macroeconomic Lessons from the 1990s by Janet Yellen and Alan Blinder . Edward A. Filene Edward Albert Filene (September 3, 1860 – September 26, 1937) was an American businessman and philanthropist . He is best known for building the Filene's department store chain and for his decisive role in pioneering credit unions across

2403-476: The University of Virginia 's Miller Center for Public Affairs organized The National Commission on Federal Election Reform, which was co-chaired by former presidents Jimmy Carter and Gerald Ford , and was composed of distinguished public leaders from across the political spectrum. The commission’s charge was to quickly evaluate an enormous body of research on election reform, review policy proposals, and offer

2492-582: The scientific management ideas of Frederick Winslow Taylor and adapted these ideas for use in the retail environment. While Taylor is best known for the use of scientific methods to increase workplace efficiency, he was also interested in how to improve the quality of work for employees. Filene is credited with refining a number of under-utilized and in some cases novel retailing techniques. For example, Filene's Department Store offered complete and honest descriptions of its merchandise and offered to give customers their "money back if not satisfied". Edward Filene

2581-472: The "Brüsselsche Handels und Erziehungsinstitut", a boarding school known for excellence in instruction and discipline in her Franconian hometown Segnitz-am-Main . The headmaster at that time, Samuel Spier , was one of the founding fathers of the early German democracy movement and an outspoken atheist ; one of Edwards schoolmates was a certain Ettore Schmitz from Trieste who later became famous as

2670-546: The 1850s that William and Clara met while Clara was visiting relatives in Hartford, Connecticut. They married in New York City. As "a peddler, chiefly of women's apparel" William built up a company composed of several small retail shops. In 1865, at the age of 5, Edward was injured in a fall that left him with a permanent limp. Eczema plagued him throughout his life. In 1872, Clara Filene enrolled her three boys in

2759-549: The 1990s, the organization has supported numerous studies and reports, including Ensuring the Essentials by former Social Security Administrator Robert Ball (2000); Social Security Reform: Beyond the Basics, edited by Richard Leone and Greg Anrig, Jr. (1999); and Countdown to Reform: The Great Social Security Debate by Henry J. Aaron , and Robert D. Reischauer (2001). In the wake of the 2000 election, The Century Foundation and

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2848-426: The 90% multiplier in the first PIA bendpoint to 40–85% depending on the number of Years of Coverage. Foreign pensions are subject to WEP. A special minimum benefit, based on an alternative PIA calculation, is available for some workers with long careers but low earnings. However, it is rarely higher than the regularly computed PIA and thus few workers qualify for the special minimum benefit. 32,000 individuals received

2937-768: The Anniston Star; Hodding Carter III , former president of the Knight Foundation who was an official in the Jimmy Carter administration; Joseph A. Califano, Jr., founder and chairman of the board of The National Center on Addiction and Substance Abuse (CASA) at Columbia University ; Edward E. David, Jr., science adviser to president Richard M. Nixon ; Brewster C. Denny, founder of the Graduate School of Public Affairs, University of Washington; Charles V. Hamilton; and Shirley Williams, co-founder of

3026-553: The British colonial government. On his return, he contacted his associate Franklin D. Roosevelt and suggested that a similar type of organization be promoted by the US government in the Philippines. He realized that credit unions could help ordinary American workers to access loans at reasonable rates. Equally important, workers could save their money so that when hard times hit, they were prepared. Subsequent to this trip

3115-667: The Extension Bureau should attempt to secure federal legislation first, rather than work state by state. Filene maintained that a national law should be based on a sound understanding of the diverse circumstances of people across America—from shrimp fishermen in Louisiana, to factory workers in Massachusetts or farmers in the mid-West. Only by developing many state laws first would such a sound national understanding be possible. He prevailed in this debate. Second, as

3204-462: The Foundation has sought liberal, progressive solutions to the nation's problems. The Fund's first executive director was Evans Clark (1928–1953), who remained on the board of trustees until his death in 1970. During the 20th century, the Foundation published many reports that informed public policy, including "Stock Market Control", a 1934 report that provided ideas for legislation enacted after

3293-525: The Italian writer Italo Svevo . Most of the pupils in Segnitz were the sons of German and Austrian Jewish entrepreneurs or merchants like, for instance, Edwards classmate Richard Fluss, a childhood friend of Sigmund Freud . But there were also some Christian schoolmates. The boys remained at the school until 1875, and it was a period of intense loneliness and homesickness for him as a young teenager. Filene

3382-431: The PIA. Once the PIA is computed, it is indexed for price inflation over time. Thus, Social Security monthly benefit amounts retain their purchasing power throughout a person's retirement years. A worker who first starts receiving a retirement benefit at the full retirement age receives a monthly benefit amount equal to 100 percent of the PIA. A worker who claims the retirement benefit before the full retirement age receives

3471-562: The PIAs of a spouse or a deceased spouse. Aged spouse and divorced spouse beneficiaries can receive up to 50 percent of the PIA. Survivor benefit rates are higher and aged widow(er)s and aged surviving divorced spouses can receive 100 percent of the PIA. Federal, state and local employees who have elected (when they could) NOT to pay FICA taxes are eligible for a reduced FICA benefits and full Medicare coverage if they have more than forty quarters of qualifying Social Security covered work. To minimize

3560-613: The Penn Wharton Budget Model (University of Pennsylvania) projected depletion in 2032–2034, depending on the shape of the economic recovery in the U.S. following the COVID-19 pandemic. With regard to actuarial balance, the Social Security Trustees estimate a 75-year actuarial deficit of 3.61 percent of payroll. This is approximately the total payroll tax increase that would be necessary to keep

3649-589: The Poverty of Nations . The Foundation has provided information and analysis concerning Social Security since its earliest days. At the time of the inception of the Social Security program in the mid-1930s, the organization set up the Committee on Old-Age Security to look at the provisions of the Townsend Plan , a movement in this country to provide some pension protection for the elderly in the aftermath of

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3738-979: The Social Security Act are: The SSA administers two of these programs (OASDI and SSI). The Social Security program in the United States pays benefits to three broad categories of individuals: retired individuals and some family members, disabled persons and some family members, and survivors. Within these broad categories, the program defines more specific types of beneficiaries. For example, spouses and divorced spouses are distinct categories, with somewhat different eligibility requirements. Survivor benefits include several categories including aged widow(er)s, aged surviving divorced spouses, disabled widow(er)s, disabled surviving divorced spouses, paternal and maternal orphans, and widow(er)s caring for minor or disabled children. As of 2023, there were about 66.8 million individuals receiving Social Security benefits. Individuals receiving Retirement Insurance Benefits constitute

3827-425: The Social Security Statement. The Statement can be accessed online by opening an online account with SSA called my Social Security . With that account, workers can also construct "what if" scenarios, helping them to understand the effect on monthly benefits if they work additional years or delay the start of retirement benefits. The my Social Security account also offers other services, allowing individuals to request

3916-422: The Social Security payments to those who have not contributed to FICA for 35+ years and are eligible for federal, state and local benefits, which are usually more generous, the U.S. Congress passed the Windfall Elimination Provision (WEP). The WEP provision does not eliminate all Social Security or Medicare eligibility if the worker has 40 quarters of qualifying income, but calculates the benefit payments by reducing

4005-408: The Social Security program began, during President Franklin D. Roosevelt's first term, as a measure to implement " social insurance " during the Great Depression of the 1930s. The Act was an attempt to limit unforeseen and unprepared-for dangers in modern life, including old age, disability, poverty, unemployment, and the burdens of widow(er)s with and without children. Opponents, however, decried

4094-2099: The U.S. relationship with the United Nations and other multilateral institutions, and policies toward regions such as the Middle East and East Asia. The Trustees of The Century Foundation include Alicia Munnell , Peter F. Drucker Professor of Management Sciences at Boston College 's Carroll School of Management and Director of the Center for Retirement Research, who was a member of Bill Clinton 's Council of Economic Advisers; Melissa Harris-Perry , political scientist and Professor of Politics at Wake Forest University; medical ethics expert Alexander Morgan Capron; Bradley Abelow , chief operating officer of MF Global, Inc.; journalist Jonathan Alter ; political scientist Jacob Hacker ; former U.S. Representative George Miller (California politician) ; Sonal Shah (economist) , AFL–CIO policy director Damon Silvers ; and current president of The Century Foundation Mark Zuckerman. Emeritus Trustees include public health physician Harvey I. Sloane, M.D. and former Lieutenant Governor of New York Richard Ravitch . The Foundation includes among its list of former trustees such notable figures as Theodore Sorensen , lawyer and speech writer for President Kennedy ; Arthur M. Schlesinger, Jr. John Kenneth Galbraith , Madeleine May Kunin , Newton D. Baker , Adolf A. Berle, Jr. (and son Peter A. A. Berle), Patricia Roberts Harris , Benjamin V. Cohen , David E. Lilienthal , J. Robert Oppenheimer , Luis Muñoz Marín , Albert Shanker , Morris B. Abram , James Tobin , Jessica Mathews , James A. Leach , Max Lowenthal , Christopher Edley , historian Alan Brinkley , constitutional law scholar Kathleen Sullivan , Lewis B. Kaden , Matina S. Horner, former VP of human resources, TIAA-CREF, and former president of Radcliffe College , William Julius Wilson , Lewis P. and Linda L. Geyser University Professor at Harvard University ; H. Brandt Ayers, publisher of

4183-550: The United States – that he created in 1921 and financed from 1921 to 1934 the Credit Union National Extension Bureau in order that there might be a sustained development of cooperative credit in our country – in free acknowledgement of the unique debt which we and succeeding generations of credit union members owe and will always owe him – we make a part of these our By-laws, not subject at any time to amendment, this acknowledgement – and we create

4272-557: The United States. Born in Salem, Massachusetts , Edward was one of five children of William Filene (born May 8, 1830) and Clara Ballin (born December 13, 1833). Both his parents were German Jewish immigrants, his father from Posen , Prussia , and his mother was born in Segnitz , Bavaria . William immigrated to the US in 1848 after abandoning law school in Berlin. It was some time in

4361-501: The combined programs together (OASI and DI) and focus on key measures such as trust fund depletion date, actuarial balance over a 75-year period, and comparisons of program costs to U.S. GDP. Regarding trust fund depletion, the Social Security Trustees in 2024, based on technical work by the Social Security Administration's actuaries, project the combined OASDI trust fund will be depleted in 2035. In 2021,

4450-511: The country. The Board of Directors of Credit Union National Association and CUNA Mutual Insurance Company voted to raise funds to build a memorial to their founder. Filene House in Madison, Wisconsin was the result. President Harry S. Truman dedicated the building in May 1950. Filene is considered the father of the U.S. credit union movement, which by the end of 2008, with 89 million members, had

4539-467: The decommissioned ship was sunk at Cook Inlet , Alaska , to be used as a breakwater and dock. Social Security (United States) Bowles–Simpson Commission 2007–2008 financial crisis 2013 budget sequestration Related events In the United States , Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance ( OASDI ) program and

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4628-543: The events of September 11, 2001 . The first, chaired by Richard A. Clarke , produced a report, "Defeating the Jihadists: A Blueprint for Action", in 2005. The report assessed the nation's successes and failures on homeland security and, building on the recommendations of the 9/11 Commission , offered a detailed action plan for neutralizing the international movement at the core of worldwide terrorism. The second task force, co-chaired by Richard Clarke and Randy Beers, produced

4717-465: The federal Internal Revenue Service (IRS) and are formally entrusted to the Federal Old-Age and Survivors Insurance (OASI) Trust Fund and the federal Disability Insurance (DI) Trust Fund, the two Social Security Trust Funds . Social Security revenues exceeded expenditures between 1983 and 2009 which increased trust fund balances. The retirement of the large baby-boom generation however,

4806-424: The first $ 1,174 of average indexed monthly earnings, plus (b) 32 percent of average indexed monthly earnings between $ 1,174 and $ 7,078, plus (c) 15 percent of average indexed monthly earnings over $ 7,078 For workers who turn 62 in the future, the 90, 32, and 15 percent factors in the computation formula will remain the same but the dollar amounts in the formula (called bend points) will increase by wage growth in

4895-520: The full retirement age that equals 90 percent of the person's average monthly earnings before retirement. The table shows replacement rates for workers who turned 62 in 2013. The PIA computation formula for disabled workers parallels that for retired workers except the AIME is based on fewer years to reflect disablement before age 62. The monthly benefit amount of a disabled worker is 100 percent of PIA. Benefits for spouses, children, and widow(er)s depend on

4984-783: The full spouse benefit for which they qualify. In addition, Social Security beneficiaries with low income and limited resources may qualify for additional income through the Supplemental Security Income (SSI) program. SSI is separate from the Social Security program, but it is administered by SSA. In 2022, 2.5 million Social Security beneficiaries received additional income through SSI. Social Security payments to beneficiaries, which totaled $ 1.23 trillion in 2022, are generally financed by payroll taxes on workers in Social Security covered employment, trust fund reserves, and income taxation of some Social Security benefits. The payroll tax rate totals 12.4 percent of earnings up to

5073-489: The key organizer he needed. Together with Bergengren he founded the Credit Union National Extension Bureau. In 1921, Edward A. Filene formed a savings and loan association for employees which later became the Filene Federal Credit Union of Boston, then merged with Webster First Federal Credit Union. Filene seems to have been responsible, with the collaboration of Pierre Jay, for the adoption of

5162-494: The largest group of beneficiaries, with 52.4 million retired workers or family members receiving monthly payments. Social Security Disability Insurance benefits were paid to 7.4 million disabled workers and 1.2 million dependents (children and spouses). About 5.8 million individuals, including 2 million children, received some type of survivor benefit from Social Security. Some individuals qualify for more than one type of benefit, but program rules on dual entitlement generally prevent

5251-656: The largest membership of any country and one of the highest levels of market penetration in the world. A credit union think tank and research organization, the Filene Research Institute , is named in his honor. A building of the Hillman Housing Corporation , a housing cooperative in the Lower East Side of Manhattan, is named after him. Bronze busts honoring Filene and seven other industry magnates stand outside between

5340-427: The law. Workers with 40 quarters of coverage (QC) are "fully insured" and eligible for retirement benefits. Retirement benefit amounts depend upon the average of the person's highest 35 years of "adjusted [for inflation]" or "indexed [for inflation]" earnings. A person's payroll-taxable earnings from earlier years are adjusted for economy-wide wage growth, using the national average wage index (AWI), and then averaged. If

5429-414: The laws needed for credit union development in the various states, subsequently, to organize some credit unions in each state that could serve as examples to others, to expand the number of credit unions to the point that they could create self-sustaining state federations, and to combine the federations into a self-sustaining national association. Filene hired Roy Bergengren , and their collaboration and

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5518-739: The methods of Henry Ford in the auto industry. In 1935, at the age of 75, he made a visit to Moscow and was stricken with pneumonia. His assistant, Lillian Schoedler was able to get him the best of care and he did recover. In 1937, however, he made another trip to Europe to attend the International Chamber of Commerce meeting in Paris. He again contracted pneumonia and died in the American Hospital of Paris in Neuilly-sur-Seine on September 26, 1937. His death

5607-708: The name of national security. The Century Foundation describes its mission as explaining and analyzing public issues in plain language, providing facts and opinions about the strengths and weaknesses of different policy strategies, and developing and calling attention to distinctive ideas that have been demonstrated to work as policy solutions to the nation's problems. The Foundation covers many areas of public policy, but recently it has focused particularly on four basic challenges: The Century Foundation produces work on issues such as Social Security and pensions, health care, education, tax and budget policy, homeland security, immigration , election reform, international terrorism ,

5696-469: The national economy, as measured by the AWI. Because the AIME and the PIA calculation incorporate the AWI, Social Security benefits are said to be wage indexed. Because wages typically grow faster than prices, the PIAs for workers turning 62 in the future will tend to be higher in real terms but similar relative to average earnings in the economy at the time age 62 is attained. Monthly benefit amounts are based on

5785-598: The need to prevent another Great Depression on the home front. He was appalled by the growing strength of the Fascist movement and worried about the growing anti-Semitism in Europe. He gave many speeches on the subject and wrote against the growing anti-Semitism in the United States. To counter the influence of propaganda , Filene provided the seed money in 1937 for the Institute for Propaganda Analysis , which published

5874-446: The office of Founder of this Association and name Edward A. Filene to that office for life. Thereafter said office shall be abolished. Filene's lifestyle and motivation for his philanthropic work was described by Bergengren, who knew him for much of his adult life. He had a great distaste for material things, lived very modestly, never owned an automobile and was scrupulously careful about small expenditures, all because he felt that he

5963-468: The past, legislation has been enacted to prevent trust fund depletion. Should the trust funds be depleted, Social Security would still have revenue coming into the system from payroll taxes. The Social Security trustees estimate that revenue would be sufficient to pay 77 percent of the program's benefits. There has been debate about a trust fund depletion scenario regarding whether monthly benefits would be lowered or whether full amounts would be paid but not on

6052-423: The payment of two full benefits. For example, a person eligible for a retirement benefit and a higher spouse benefit will receive the full retirement benefit and a partial spouse benefit. The dual entitlement rules disproportionately affect women (7 million women in 2022 ) because historically they have earned less than current or former husbands and this leads to retirement benefits for women that are often lower than

6141-617: The philanthropy he practiced, combined with the steady implementation efforts of his associate Roy Bergengren were critical to the emergence of credit unions in the United States. He also donated $ 1 million to the Consumers Distribution Corporation to help them organize a national network of cooperative retail stores. In 1908, Filene and Massachusetts banking commissioner Pierre Jay , helped organize public hearings on creating credit union legislation in Massachusetts. The Massachusetts Credit Union Act of 1909

6230-545: The poor, dependent children, spouses, survivors and the disabled. Poor farms were common in the US before Social Security took effect, then most disappeared by about 1950. By 1950, debates moved away from which occupational groups should be included to get enough taxpayers to fund Social Security to how to provide more benefits. Changes in Social Security have reflected a balance between promoting "equality" and efforts to provide "adequate" and affordable protection for low wage workers. The larger and better known programs under

6319-510: The problems they faced. Edward had passed his entrance exams for Harvard University when in 1890 his father became seriously ill. Thirty years old at that time, Edward gave up his educational ambitions to take over the family business. One of his great disappointments in his life was being unable to attend Harvard. Together with his younger brother Abraham Lincoln Filene , he reorganized his father's department store into "William Filene's Sons Company", which would later become Filene's . Though

6408-412: The proposal as socialism. Secretary of Labor Frances Perkins wrote that during a Senate Finance Committee hearing, Senator Thomas Gore (D-OK) asked "Isn't this Socialism?" She replied that it was not, but he continued, "Isn't this a teeny-weeny bit of Socialism?" The provisions of Social Security have been changing since the 1930s, shifting in response to economic worries as well as coverage for

6497-463: The public, would advance the causes of both democracy and peace. These views led him to found the Twentieth Century Fund in 1919, since renamed The Century Foundation . Living in the era of Henry Ford , Filene believed that the problems of mass production had essentially been solved. But he feared that production by itself would not ensure prosperity; if ordinary workers could not afford to continue financing this expansion with their purchasing power,

6586-421: The report "The Forgotten Homeland" in 2006, in which leading homeland security experts analyze the nation's most significant vulnerabilities and propose strategies to reduce them. In 2003, The Century Foundation published "The War on Our Freedoms: Civil Liberties in an Age of Terrorism", which included essays by scholars and journalists that pointed out what is wrong with the current rush to limit civil liberties in

6675-469: The result would be either reduced production or worse, increased social inequality leading to violence or dictatorship. He saw credit unions as an important part of the answer. In a speech in California in 1936 he summed up his view: What is needed is that the American masses shall learn the art of constructive self-government in this machine age – in this age in which life is no longer organized on

6764-404: The special minimum benefit in 2019. The benefits someone is eligible for are potentially so complicated that potential retirees should consult the Social Security Administration directly for advice. Many questions are addressed and at least partially answered on many online publications and online calculators. The Social Security Administration (SSA) provides benefit estimates to workers through

6853-639: The store did not make a profit for many years, it attracted more customers, and eventually turned a profit, even supporting the main store of Filene's during the Great Depression. By 1928 Edward was ousted from store management by his fellow stockholders who were "troubled by his liberal management policies", but retained an office and the title of President. His ouster allowed him to dedicate more time to his passions of travel, civic organizations, and philanthropy. He wrote numerous speeches, pamphlets and several books. Edward Filene drew inspiration from

6942-467: The system solvent for 75 years. The figure is designed to illustrate the size of the deficit. Legislation could close the deficit in ways other than raising the payroll tax rate. Because taxable earnings are a fraction of GDP, sometimes the system's finances are put into context by using GDP. Social Security's cost are currently 5.2 percent of U.S. GDP. Program costs will rise to 6.3 percent of GDP by 2076, and then decline to 6.0 percent of GDP by 2097. In

7031-702: The taxable maximum (the rate is 6.2 percent from workers and 6.2 percent from employers and 12.4 percent from the self-employed). The OASI Trust Fund and the DI Trust Fund are legally separate. For employees and employers combined, the OASI payroll taxes are 10.6 percent and the DI payroll taxes are 1.8 percent. In 2022, trust fund reserves for the OASI and DI programs were $ 2.7 trillion and $ 118 billion, respectively. Income taxation of some Social Security benefits brought in $ 47.1 billion for OASI and $ 1.6 billion for DI in 2022. Assessments of system financing often focus on

7120-406: The term "credit union" in the United States. His concern with fighting loan sharks and excessively costly consumer loans led to the choice of the word "credit", while his interest in working people made him want to cast unions in a more positive light. In 1921, Filene founded the Extension Bureau, to which he donated nearly $ 1 million during its 14-year history. It had four goals: to bring about

7209-512: The vital principle of the whole movement by converting a community enterprise into an agency of the government. To teach people how to help themselves was more important by far in times of depression than at any other time." With the work of the Bureau essentially completed, a national meeting of credit union leaders was called at Estes Park , Colorado . On August 11, 1934, the Credit Union National Association ,

7298-723: The work of the Extension Bureau proved very effective, bringing state laws to fruition in 26 states and substantially revised flawed legal frameworks in 5 others. In 1934 the Roosevelt Administration passed the Federal Credit Union Act , making it possible to form a credit union anywhere in the United States. The Extension Bureau has been a model for many projects related to international development and microfinance since. Foreshadowing debates that still rage, Filene's and Bergengren's views diverged on two key issues: First, Bergengren believed that

7387-527: The worker has fewer than 35 years of covered earnings, these non-contributory years are assigned zero earnings. The sum of the highest 35 years of adjusted or indexed earnings divided by 420 (35 years times 12 months per year) produces a person's Average Indexed Monthly Earnings or AIME. The AIME is then used to calculate the Primary Insurance Amount (PIA). For workers who turn 62 in 2024, the PIA computation formula is: (a) 90 percent of

7476-409: Was a proponent of the scientific approach to retail management. In 1909, he introduced the "bargain basement" principle. Under this plan, merchandise had to be sold within 30 days or it was marked down; after a further 12 days, the merchandise was further reduced by 25% and if still unsold after another 18 days, a further markdown of 25% was applied. If the merchandise remained unsold after two months, it

7565-401: Was a trustee for the money that he had earned and that the trustee-ship involved turning his accumulations into the greatest possible disinterested public service. Several writers mention the fact that Filene never married may be why "his family in a very real sense became society as a whole." Filene "played a pivotal role in passing America's first Workmen's Compensation Law in 1911" and was

7654-442: Was given to charity. Although Filene's Basement was not the first 'bargain basement' in the U.S., the principles of 'automatic mark-downs' generated excitement and proved very profitable. Filene personally supervised construction of the first basement in Boston. An advocate of consumer education, he introduced color matching tools in the clothing departments of his stores. Filene was a pioneer in employee relations. He instituted

7743-413: Was reported on the front page of every major newspaper in the world. A man who thought of himself as a "seller of pins" would have been honored indeed by the tribute paid to him by President Franklin D. Roosevelt when he heard of Filene's death Roosevelt wrote: It is not individual persons but the people as a whole who were closest to the heart of this unique personality. Mr. Filene was, however, more than

7832-495: Was shy as a youth, and never married. Upon his return to the US, Edward attended high school in Lynn, Massachusetts , and worked in his father's store evenings, weekends, and summers. In 1881, when Edward was 21 years old, his father William founded a department store in Boston. Edward began traveling in the 1880s, purchasing merchandise, studying business practices, and increasingly examining how different societies were organized and

7921-564: Was the first comprehensive credit union law in the United States, and would serve as a model for the Federal Credit Union Act of 1934. Inspired by the experience in many European countries where credit unions were called "people's banks", Filene organized the National Association of Peoples Banks to advance the credit union cause in the US. However, little came of this until 1921, when Filene observed in Roy Bergengren

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