Social Security Targeted on Day One of New Congress

We’ve written before about the GOP strategy to force broad Social Security benefit cuts while simultaneously demonizing America’s disabled. Senator Sherrod Brown (D-OH) raised the alarm about attempts to politicize what has always been a routine and non-partisan legislative solution to balance the Social Security Trust Funds:

“Reallocation has never been controversial, but detractors working to privatize Social Security will do anything to manufacture a crisis out of a routine administrative function. Modest reallocation of payroll taxes would ensure solvency of both trust funds until 2033. But if House Republicans block reallocation, insurance for disabled Americans, veterans, and children could face severe cuts once the trust fund is exhausted in 2016.”

Source: ncpssm.org

social security SSI entitlements politics p2 seniors retirement retirement crisis 114th congress congress GOP the disabled

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Earlier this week, Members of Congress and allies met to discuss Social Security and the GOP Congress’ manufactured crisis.
““Seniors, I stand with you all the way [on Social Security].”
- Rep. Jan Schakowsky
“We are in a crisis right now. A... — Earlier this week, Members of Congress and allies met to discuss Social Security and the GOP Congress’ manufactured crisis.
“Seniors, I stand with you all the way [on Social Security].”
- Rep. Jan Schakowsky
“We *are* in a crisis right now. A retirement crisis. Not a Social Security crisis.” - Rep. Jan Schakowsky
“Stop manufacturing a crisis with the Social Security disability trust fund.”
- Senator Bernie Sanders
“This week anyone earning a million dollars a year will have paid 100% of their payroll taxes for 2015.”
- Max Richtman

Source: ncpssm.org social security Jan Schakowsky bernie sanders politics GOP p2 114th congress seniors retirement retirement crisis entitlements

lindasanchez.house.gov

Reps. Linda Sánchez Introduces Strengthening Social Security Act of 2016

Washington, DC – Representatives Linda Sánchez (D-CA), Mike Honda (D-CA), and Mark Pocan (D-WI) along with 45 original co-sponsors today introduced H.R. 5952, the Strengthening Social Security Act of 2016:

Max Ritchman, President and CEO of the National Committee to Preserve Social Security and Medicare: “America’s seniors understand all too well that our nation faces a retirement crisis and improving Social Security benefits is vital to keeping millions from poverty. Rep. Linda Sanchez’s ‘Strengthening Social Security Act’ makes several important improvements for seniors by: phasing out the payroll tax cap so that the wealthy pay their fair share, creating a Cost of Living adjustment for the elderly and boosting benefits for all retirees including widows/widowers. NCPSSM strongly supports this legislation and applauds Congresswoman Sanchez for doing the right thing for America’s seniors and their families.”
via Representative Linda Sanchez.

The Truth about Social Security’s Math Really Does Matter – Even in Washington

For months, conservative think-tankers who undermine the value of Social Security, deny the existence of a national retirement crisis and the need to boost benefits have been banging their drum for benefit cuts especially hard. Why? Because a scarcely reported CBO report on Social Security replacement rates (now you see why we don’t usually share these kind of stories) claimed Americans received more in benefits than previously believed or reported by Social Security actuaries.

via Entitled to Know.

Source: ncpssm.org social security politics seniors retirement entitlements retirees retirement crisis entitlement reform p2 social insurance CBO

ncpssm.org

State of the Union 2016 – Will Washington Really Strengthen Social Security?

American families know first-hand what this looming retirement crisis feels like. About half of households age 55 and older have no retirement savings and a third of current workers aged 55 to 64 are likely to be poor or near-poor in retirement.

via Entitled to Know.

Source: ncpssm.org SOTU state of the union politics p2 seniors retirement retirees retirement crisis entitlements entitlement reform social security president obama

“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... — 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:
Letter Endorsing Social Security Expansion Act.

Source: ncpssm.org social security politics andrew biggs news entitlements retirement retirement crisis entitlement reform p2 retirees social insurance seniors older americans elderly

bit.ly

Delaying retirement boosts Social Security checks

Max Richtman

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.

Source: bit.ly politics social security social insurance delay and gain earned benefits p2 elderly seniors retirement retirees retirement crisis entitlements entitlement reform retirement age retirement security

Seniors have earned their benefits and many don’t have much else to live on. For more than one-third of retirement beneficiaries, Social Security constitutes at least 90 percent of income. Half of people aged 65 to 74 have no retirement savings. Without Social Security, almost half of the elderly would live in poverty.

via CBPP.

NCPSSM — Social Security Targeted on Day One of New...

See, that’s what the app is perfect for.