Fact #1:
Social Security is more than just a retirement program. It provides important life insurance and disability insurance protection as well.
Fact #2:
Social Security provides a guaranteed, progressive benefit that keeps up with increases in the cost of living.
via Entitled to Know.
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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.”
Related Reading:
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:
When a candidate promises to “save these programs for future generations” by raising the retirement age, raising the Medicare eligibility age, privatizing Social Security, changing the COLA formula and means-testing Social Security while exempting near retirees what they’re actually saying is: “We know seniors vote so we’ll protect them now and slash future benefits for their children and grandchildren instead.
via Entitled to Know.
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.
Scores of Democrats are calling on President Obama to champion an expansion of Social Security benefits for millions of seniors nationwide.
In a letter to be delivered to the White House Monday, the lawmakers say evolving trends surrounding employer retirement packages have put a financial squeeze on the nation’s retirees. They want the president to fill the gap by expanding Social Security.
via The Hill.
We agree. Congress needs to BOOST Social Security benefits for all working Americans. With individuals saving less and less for retirement, it’s important we expand benefits.
Related Reading:
America’s Jump From Economic Crisis to Retirement Crisis.
How Can I Get My Voice Heard? Sign Our Petition:
Petition to the Leadership of the Congress of the United States: Boost Social Security Benefits NOW.
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 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.
To ease the retirement crisis, Social Security benefits must be strengthened rather than cut. For that reason, the National Committee has endorsed H. Res. 393, the resolution introduced by Representatives Jan Schakowsky, Doris Matsui and Patrick Murphy which supports boosting Social Security.
via NCPSSM.
Social Security is indispensable for many of our nation’s retirees, who depend on the program for retirement security. But for the 65 million people on Social Security, there will be no annual raise in their benefits in 2016.
via NJ.com.
Related Reading:
No COLA Increase for Millions of Seniors.
No Social Security COLA Increase + Massive Medicare Hike for Millions.
Asked Monday if the Trump administration would address “entitlement reform,” White House chief economic advisor Larry Kudlow said it will “probably” look at “larger entitlements” next year. Entitlement reform generally refers to changes or cuts to large government social programs such as Social Security, Medicare, Medicaid or food stamps.
via CNBC.
Related Reading:
Trump Advisor Re-Affirms Commitment to Cutting Social Security & Medicare.
- This aligns with comments from National Republican Congressional Committee chair, Rep. Steve Stivers, House Speaker Paul Ryan, and several other key GOP members about the need to pay for last year’s tax cuts by ‘reforming’ Social Security and Medicare. ‘Reforming,’ of course, means cutting and privatizing.