The Farmer and Old-Age Security: A Summary Analysis of Four Studies 1951-54

Excerpts from the report Summary: Economic security in old age has received increasing attention in recent years, and through Federal old age insurance, private pension plans or some similar measure, most workers in business and industry now enjoy at least minimum financial security in old age. Until recent years, farmers believed farm ownership provided their best approach to security and they faced old age with more assurance than persons in most other occupations. But in the period since the passage of the Social Security Act of 1935, which excluded farmers, changing developments in and out of agriculture have affected their attitude toward social security. Although the fundamental shift from subsistence to commercial agriculture enhanced the level of living of farm families it may have weakened to some extent their economic security. High employment levels since World War II have given many farmers and their families job opportunities outside of agriculture in which they could become acquainted with the Federal system of Old Age and Survivors Insurance [OASI]. This report presents a summary analysis of four State surveys conducted to obtain objective data on the economic security of farmers, their retirement plans, and their attitudes toward OASI.