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Sometimes, when a friend from high school finds out that I write about money, they will tell me their retirement plan is to assume they wont survive the inevitable climate apocalypse. This is always said with an ironic smile, and often followed up with, Its not like Social Security is gonna be there for us, either. These dark comments dont surprise me, considering Im also a member of the generation that adopted Oh well, whatever, never mind as a rallying cry. I was born at the tail-end of Gen X, but I was card-carrying a latchkey kid who didnt trust authority, consistently prepared myself for disappointment, and wore a mask of ironic detachment that has served me well throughout my life. In fact, until I was asked to literally write the book on Social Security in 2015, I too believed that there would be no benefits available for me when I retired. It was what Id been told, and it fit my skeptical worldview. The truth is, our Social Security benefits may be in danger, but not in the way we Gen Xers have braced ourselves for. We need to recognize whats going right with this program so we can understand what might go wrongand then we can fight for the right to have a retirement party! Distrust for the trust fund Every few months, a new article will raise the alarm about the imminent depletion of the Social Security trust fund. According to current projections, the trust fund will be completely wiped out sometime around the year 2033. Such articles are 100% factually correctand completely beside the point. Because the trust fund isnt really a trust fund and it doesnt really matter if its empty. Heres why: The trust fund that isnt Social Security is designed as a direct transfer of funds from current workers to current beneficiaries. In the early days of the program, when the Social Security Administration (SSA) collected more in taxes than was owed in current benefits, the law specified that the overage would be invested in government debt (like Treasury bonds) at a guaranteed minimum interest rate of 3%. This is both the safest possible investment for government funds and the most responsible use of excess Social Security taxes, since such large amounts of money cannot sit around as cash. However, even in the 1930s, there were critics who accused President Roosevelt and the new Social Security Administration of embezzling those excess taxes. To end the controversy, the government created the Old Age and Survivors Insurance (OASI) Trust Fund at the Treasury in 1939. But the OASI is not actually a trust fund since it doesnt have trustees with legal title or beneficiaries with an enforceable legal right to the property in trust. Its just another account in the U.S. Treasury that FDR called a trust fund to get his critics off his back. The trust funds bottom dollar Semantics aside, the trust fund is on track to run out of money in about eight years. (This is the moment when most Gen Xers would put on Exile in Guyville and think about why righteous rage feels better than hope.) What you need to remember is that the trust fund is not the primary source of benefits. Once it has been depleted, the SSA can afford to pay 77% of promised benefits. At that point, all funds will come from direct handover from current workers to current beneficiaries. No one would claim that 77% of promised benefits is ideal, but its definitely not nothing. Another important point to remember is that weve been here before. Back in 1983, Social Security faced a shortfall that was mere months away. The 1983 amendments to the Social Security Act ensured the trust fund operated with a surplus from 1984 to 2009. Unfortunately, Congress in the 1970s (and earlier) knew the shortfall was coming in 1983. The U.S. government uses 75-year projections for its social insurance program, unlike any other country in the world. But if history is any guide, we may see Congress wait until the last minute to do anything, just like their predecessors in the early 80s did. What could keep Gen X from collecting Social Security The trust fund insolvency issue can be fixed by Congressional action, but thats rarely mentioned in articles discussing the imminent shortfall. There is nothing stopping Congress from acting to fix this shortfall. While the dwindling trust fund is a problem, its a workable one, provided Congress quits twiddling its thumbs. However, there are potential problems that could keep Social Security benefits out of Gen X hands. (And millennial, Gen Z, etc., if were interested in protecting the whippersnappers, too). Recognizing the actual potential disasters can help us put our considerable take-no-prisoners energy where it belongs. Worker-to-beneficiary ratio There has been quite a lot of ink spilled about lowered birth rates in America. Other than breaking a number of would-be grandparents hearts, this may seem to have nothing to do with Social Securitybut a country with a lower birth rate and an aging population will have fewer workers to pay into its social insurance program. While the current administration has suggested some pronatalist policy proposals to reverse our declining birth ratesincluding offering a $5,000 baby bonus to new mothersthere are better and more effective alternatives. Specifically, immigration is a huge net benefit to the worker-to-beneficiary ratio for Social Security. Noncitizens who are eligible to work in the United States receive a Social Security numberand they payinto the Social Security systembut they are not eligible for benefits. And new immigrants who become citizens help lower the age of the population, skewing the ratio toward workers. This is why making immigration easier is one of the best ways to protect our Social Security benefits while we wait for Congress to get going on fixing the shortfall. Privatization of Social Security Twenty years ago, President Bush made waves when he suggested privatizing Social Security via voluntary personal retirement accounts. The public wasnt impressed, and the idea was quietly shelved. Until now. Recently, Treasury Secretary Scott Bessent suggested that the newly created tax-deferred investment accounts that have been dubbed Trump accounts could serve as a backdoor to Social Security privatization, although the Treasury has since backed away from the comments. Proponents of privatization claim that it would be more fair than the current system, since it allows workers to control how much they put aside and where it is invested. But such proponents misunderstand the point of Social Securityits a safety net for our most vulnerable citizens. Social Security is a guaranteed source of income backed by the full faith and credit of the United States governmentwhich is as close to certainty as is possible to get in this world. Privatizing this program would change it into just another investment vehicle with zero guarantees. Privatization might sound like a good deal if you think youre gambling with something that may not be there. But Social Security is a sure thing, making privatization more like playing dice with a game you were guaranteed to win. Social Security has long been called the third rail of politics, as George Bush quickly learned in 2005 (and at the height of his popularity)! Its our job to ensure our representatives keep their hands off itor else get a nasty shock. Believe in life after Social Security Being the bomb-proof generation thats never surprised by disappointment is a double-edged sword. Weve learned to navigate a lot of crap with grace and gallows humor, but its also left us vulnerable to fixating on worst-case scenarios. After a lifetime of being told Social Security benefits would dry up before we retired, Gen X may be unprepared for the real disasters this important program might face. Yes, the trust fund is projected to run out of funds in less than a decade, at which point beneficiaries can only count on 77% of promised benefits. But thats not the real issue, because Congress can work to fix it anytime they want to get off their rear ends. One of the real dangers is the change in worker-to-beneficiary ratio as the American birth rate declines and the population ages. Making immigration easier is one of the most effective and efficient ways to improve this problem and is something Gen X can vote for locally and nationally. The suggestion of privatization is another potential danger, since it would trade the surety of guaranteed Social Security incomebacked by the full faith and credit of Uncle Samfor the risk of another investment vehicle. These dangers are more likely to occur if youre sure Social Security wont be there for you. Why do you think The Man has convinced you that you cant retire?
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E-Commerce
Most leadership advice focuses on how to get promoted. But what happens after? Years ago, I moved from a role leading training and development in a large regional bank to a new position in product marketing. I had the luxury of staying in the organization, which gave me time to mentor my replacement. Carrie, my replacement, wanted the job and was fully qualified but filled with doubt. In our transition meetings, she admitted to me: I dont know if I can lead the training team like you. I only know this one area of training. The team loves you. Ill never be able to lead like that. A 2021 report by DDI reveals that 35% of internally promoted executives are considered failures. This failure rate escalates to 47% for executives hired externally. These numbers reflect the critical need for effective support during leadership transitions. If this sounds familiar, heres how leaders can coach someone up to replace them. COACH THEIR MINDSET AND NOT JUST THEIR SKILL SET When we hand off a role, we often default to knowledge transfer. We overemphasize tools, systems, and processes. But that is not where most leaders struggle. The deeper fear for most new leaders is internal: Will I ever be as good as you? Carrie kept comparing herself to me: My years of training experience, my understanding of facilitation, and my established role as the go-to expert. I had to give her permission to be different. In fact, she brought strengths I didnt: deeper business knowledge, stronger relationships across departments, and a leadership style that had already made her one of the most respected managers in the company. Helping her identify and leverage these strengths was far more important than teaching her how to plan a training calendar. During your transition period, try asking your successor questions like: What parts of this role feel most intimidating? and What strengths do you already have that could serve you here? Offer specific examples, where possible, of where their strengths or approach may provide different value to yours. IDENTIFY AND COACH TRANSFERABLE SKILLS When leaders overlook this step, they can unintentionally make successors feel like they are starting from scratch. Carrie didnt need training expertise on day one. She could learn that. What she needed was permission to lead in a way that reflected her own strengths. We spent time identifying her transferable skills, such as how she built trust, how she developed teams, how she navigated difficult personalities, and how to apply them to this new context. We explored how these new skills would show up in this context. To put this into practice, you can create a two-column chart with your successor. On one side, ask them to write down core demands of the role. On the other side, they can share examples from their previous roles that demonstrate those skills in action. PROVIDE EXPERTISE WITHOUT TAKING OVER When Carrie had to create a brand-new systems training, she immediately looked to me for answers. Instead of jumping in, I asked, When have you had to learn something new in the past? I encouraged her to reflect on her experience and based on her expertise, how she would design it to make it better. She didnt need me to give her the answers. She needed space to figure it out, with just enough support to build confidence. You should approach these moments like a coach, not a fixer. Ask for permission before offering feedback: Are you open to an observation? If your successor asks you to take over, get curious instead: What specifically feels uncomfortable? Is it a task or a relationship dynamic? COACH ON PEOPLE AND POLITICS (NOT JUST PROCESSES) While leadership is relational, most handovers solely focus on the workflows of systems. Instead of just handing over a road map, I asked my replacement to create an Influence Map: listing key colleagues across the organization shed need to partner with to succeed. We categorized each one: green for supporters, yellow for neutral or unknown relationships, and red for conflict or resistance. Influence doesnt come from pushing harder; it comes from navigating relationships with intention. If you choose to help your successor build a similar stakeholder map, try asking them questions like: Who can you build trust with? Who might you be avoiding? What past tensions need clearing? LET THEM JUMP IN BEFORE YOU STEP OUT Dont wait until your last day to start handing things over. During our three-week transition, I began redirecting tasks to Carrie right away. When deciding what to delegate, I had to ask myself, Do I still need to do this? Or is this a great opportunity for a handoff? The stakes were low and small mistakes were part of the learning. If the stakes are higher, you can still delegate, just partner differently. Let them shadow you, walk through your decision-making, or connect them with someone who can support them after youre gone. The earlier they step in, the more confident theyll be when you step out. To put this into action, ask yourself daily: What is one thing I can hand off today that builds their visibility or confidence? The earlier they practice, the more naturally they will lead after you are gone. Helping someone step into your old role requires letting go of control, nurturing a different style of leadership, and prioritizing long-term impact. Ultimately, the best leaders are not just good at their job; they are also good at ensuring that others are equipped to do it too.
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E-Commerce
If you visit your local librarys Instagram page, chances are good that youll find book drive announcements, event notices, and calls for volunteerslikely formatted akin to a pamphlet youd find at the front desk. When residents of Milwaukee check out their librarys social media accounts, it’s a different story. Theyre met with memes, thirst traps, and a multipart cinematic video series parodying the oeuvre of Wes Anderson. For the past three years, Milwaukee Public Library (MPL) has been diverging from the typically staid online presence of most public libraries by going full-send on TikTok trends and video-first content geared toward a younger generation. The librarys accounts look more like the social media-savvy pages of companies like Duolingo or Sour Patch Kidsand its working. [Screenshot: Milwaukee Public Library TikTok] MPLs current Instagram follower count is nearly 240,000an 1,497.5% increase since it began rolling out quirky videos in 2022. And, since starting on TikTok the same year, the library now has 150,000 followers on that platform. Its pretty obvious why a for-profit company like Duolingo might make social media engagement a priority, when it can directly drive product visibility and sales. But for an institution funded by taxpayer dollars, the goal of going viral on TikTok is a bit less clear. According to Melissa Howard, MPLs communications and community engagement director, embracing a TikTok-forward strategy has actually driven the librarys mission in a number of ways, including by opening the door to new community partnerships, boosting database use, and getting younger readers back into the library stacks. @milwaukeepubliclibrary When you’re around I got arrhythmia (literally). I’m on multiple medications for it. #Girlfriend #HemlockeSprings #OldPeople #Elderly #Manga #Comics #Anime #fyp #FlippingOff #Birdie #MiddleFinger #FlipTheBird girlfriend – hemlocke springs Is this my public library or a meme page? In the summer of 2022, MPL was struggling with a dip in patronage that started during the pandemic. Fawn Siemsen-Fuchs, the librarys volunteer coordinator, decided to test the waters with more experimental social content to draw in young readers from communities like BookTok and Bookstagram. MPLs first TikTok videoa parody centering around returning a book to the book droptook off almost immediately, notching over 3 million views and 500,000 likes. We were one of the first libraries to get on Tiktok, have some fun with video content, and not have that more commercial tone, Siemsen-Fuchs says. View this post on Instagram A post shared by Milwaukee Public Library (@milwaukeepubliclibrary) Since then, MPL has experimented with a broad range of social video under the umbrella of what Siemsen-Fuchs describes as its personal brand of unhinged, heartwarming content. That includes a sensual thirst trap to promote the librarys blood pressure machines; a video featuring a 90-year-old patron reading manga (with more than 3 million views across platforms); and, most recently, a five-part series inspired by Wes Andersons portfolio. View this post on Instagram A post shared by Milwaukee Public Library (@milwaukeepubliclibrary) This last project incorporates layers of lore, carefully thought-out artistic direction, and a cast of characters pulled from the librarys staff. Siemsen-Fuchs says its inspired many followers to become personally invested in the storyline. People are like, Oh, my favorite show is on, or theyre sending popcorn gifs, she says. I would say, in general, our viewership is just so kind and so supportive, and they love the library. @milwaukeepubliclibrary Try one or try them all #AEHolidayCard #LetsGo #IntuitTouchdownDance #LibraryTok #LibraryToks #LibraryTikTok #LibrariesForAll #LibrariesRock #BeautifulLibraries #BlackFriday #BlackFridayDeals #fyp #fyp – ‘this is how u get the youth to read’ MPL certainly isnt the only library thats dipped its toes into the TikTok universe: Columbus, Ohios Columbus Metropolitan Library runs its own Law & Order-inspired series on TikTok, and Australias City of Marion Libraries page stars Denise, an employee who has become a fan-favorite character. Still, its not exactly commonplace to see libraries leaning into internet humor so wholeheartedly. Its been our observation that many public institutions do face hurdles when it comes to building a social presence that resonates, whether its from risk-averse cultures, siloed teams that make it hard to tell a unified story, or simply not having enough staff to keep up with the pace of digital media, Howard says. Weve been able to break through by trusting our small, creative team to experiment, take smart risks, quickly jump on trends, and develop a clear vision and voice to connect with people who love the library as much as we do. And while MPL doesnt exactly have sales data to demonstrate the impact of its social accounts, Howard says there are a number of ways that the librarys online presence has boosted its goals. Several videos have correlated with spikes in database use, Hoopla checkouts (a digital book catalog), job applications, and merch sales. In fact, one reel promoting the librarys T-shirts led to its highest merch sale month ever, an 180% increase over the previous month. @milwaukeepubliclibrary #fyp #bookdrop original sound – Freddychase The accounts have also led to new partnerships and civic collaborations, including work with tourism boards, other libraries like the New York Public Library, local bookstores, magazines, and the mayor of Milwaukee. The social media team even earned a Peabody nomination in 2024 for promoting stories that matter. And, while Howard says readership has not yet returned to its pre-pandemic highs, it has increased in the last couple of yearsa change that she attributes, at least in part, to the social media accounts’ success. MPLs social media presence shows that theres plenty of opportunity for public institutions to carve out their own dedicated niches online. For those with the added benefit of baked-in goodwill, like the public library, its a move that makes even more sense. The overwhelmingly wholesome comments on MPLs pages are a case in point: Considering moving to Milwaukee for the library, one Instagram user wrote. Another added, this is how u get the youth to read.”
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E-Commerce
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