Subject The article examines the basic approaches to guaranteed income security for aged persons. As well, the article discusses the role of pension benefits in reducing poverty at the Federal and state levels. Objectives The paper aims to perform a comprehensive analysis of the significance of pension payments through public insurance programs and income assistance for pensioners, and show their importance in combating poverty among retirees at the Federal and regional levels. Methods For the study, I used a systems approach, economic-statistical and logical methods, and the methods of comparative analysis. As well, the study is based on the U.S. Statutes, legislative acts, official statistics of the U.S. Department of Social Services, and my own estimates. Results A key source to support the guaranteed income of persons of retirement age is the State pension insurance program. An important subsidiary element of the system of income support in this age group of the population is a budget cash assistance program for needy pensioners based on an assessment of need. Conclusions and Relevance The research contributes to the development of methodology approaches to support the income of retired persons and stresses the role of insurance and welfare programs. The results may also contribute to extending the directions of reform of the social security system in Russia, upgrading the national monitoring of income and poverty among aged persons.
Keywords: pension insurance, welfare, poverty, income, social security
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