At an event yesterday on Capitol Hill, U.S. Senator Barbara A. Mikulski spoke in support of protecting and preserving Social Security.
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The conservative argument that the retirement crisis is a myth has been based on the notion that Americans actually will have far more in retirement resources than they recognize — particularly that Social Security benefits will amount to a much larger percentage of workers’ lifetime income than has been assumed. Ergo, there’s no need to expand Social Security to give retirees more.
via Los Angeles Times.
Further Reading:
As the baby boom generation ages into its peak years for retirement and disability, the demands on the Social Security Administration (SSA) are reaching all-time highs. Yet Congress has cut SSA’s core operating budget by 10 percent since 2010, after adjusting for inflation.
These cuts hurt SSA’s service to the public in every state. The agency has been forced to shutter field offices and shrink its staff, leading to longer waits for service and a record-high disability appeals backlog. While the overall effect is a decline in service nationwide, the effects of the cuts vary considerably by state.
via CBPP.
Related Reading:
It’s no secret that American workers face a major retirement crisis. Wealth inequality and workplace changes mean more and more retirees have come to rely on Social Security for most of their income. But the average monthly Social Security benefit in Maryland is $1,472 — or roughly $18,000 per year, which is only slightly above the federal poverty line. And even with Social Security, some 7 percent of Maryland’s seniors live in poverty.
The good news is that Maryland workers can increase the size of their future Social Security checks by delaying retirement. Delayed claiming past the early retirement age of 62 results in bigger monthly benefit checks for life, and waiting until after the current full retirement age of 66 yields even greater gains — up to 44 percent more than early claiming.
But too few Marylanders are taking advantage of this “delay-and-gain” strategy, or are even aware of it. The average age for claiming Social Security in Maryland is 64 — two years older than the minimum, but early enough to be penalized with lower benefits, which are cut by roughly 6 percent for every year that they file for Social Security before the full retirement age.
Read our full op-ed by clicking here.
The Social Security Administration has been woefully underfunded since 2011 and Social Security claimants have been paying the price in the form of reduced service and long wait times. Social Security’s core operating budget shrank by 11% from 2010 to 2017 in inflation-adjusted terms.
Social Security remains the only stable source of income for many families who are still rebuilding after our nation’s recent brush with economic collapse. Yet rather than address this retirement crisis head-on, we have wasted years of political energy focused on cutting benefits to pay down the deficit rather than strengthening the Social Security program – until now.
Max Richtman via Entitled to Know.
National Committee President Max Richtman joined advocates and elected representatives on Capitol Hill today to demand that Congress adequately fund the Social Security Administration (SSA). Richtman, Senators Bernie Sanders (I-VT), Elizabeth Warren (D-MA), and Bob Casey (D-PA) railed against Republican plans to cut nearly $500 million from the Social Security Administration’s operating budget in the upcoming government funding bill.
The agency has been woefully underfunded since 2011 and Social Security claimants have been paying the price in the form of reduced service and long wait times. Social Security’s core operating budget shrank by 11 percent from 2010 to 2017 in inflation-adjusted terms. This occurred even as 10,000 baby boomers a day reach retirement age. Congress has the ability to solve this problem, but has not signaled a willingness to do so.
Read more about this event by clicking here.
It’s no secret that American workers face a major – and very real – retirement crisis. Wealth inequality and workplace changes have all but kicked out two of the legs of the traditional retirement stool: pensions and private savings – both of which are at historic lows.
More and more retirees have come to rely on the third leg of the stool, Social Security, for most of their income. (The average monthly Social Security benefit in New York State is about $1,450 or some $17,000 per year, only slightly above the federal poverty line.) Even with Social Security, 10% of New York’s seniors live in poverty. The good news is that workers can increase the size of their future Social Security checks by delaying retirement.
Read more from this op-ed by clicking here.
Workers in Detroit face a major — and very real — retirement crisis. Wealth inequality and workplace changes have practically sawed-off two of the legs of the traditional retirement stool: pensions and private savings. More than half of today’s retirees rely on the third leg of the stool, Social Security, for most of their income. Even with Social Security, some 7% of Michigan seniors live in poverty. The good news is that workers can increase the size of their future Social Security checks by delaying retirement.
Delayed claiming past the early retirement age of 62 results in bigger monthly benefit checks for life. Waiting until after the current full retirement age of 66 yields even greater gains — up to 44% more than early claiming. But too few of Detroit’s workers are taking advantage of this delay-and-gain strategy. More than half of Michigan workers retire by age 62 — four years before they can collect their full Social Security benefits.
Read more from our op-ed by clicking here.
Workers in Louisville face a major — and very real — retirement crisis. Wealth inequality and workplace changes have practically sawed off two of the legs of the traditional retirement stool: pensions and private savings.
More than half of today’s retirees rely on the third leg of the stool, Social Security, for most of their income. (The average Social Security benefit in Kentucky is roughly $16,000 per year, only about $3,500 above the federal poverty line for individuals.) Even with Social Security, some 13% of Kentucky seniors live in poverty. The good news is that workers can increase the size of their future Social Security checks by delaying retirement.
Read more from our new op-ed by clicking here.
Seniors went to Capitol Hill earlier this month to tell Congress why their current #SocialSecurity benefits are inadequate. Boost Social Security Now! https://www.ncpssm.org/campaigns/boost-social-security-now/ @RepJohnLarson