The Trump budget cuts Social Security, plain and simple

Just because the Trump budget doesn’t cut retirement benefits doesn’t mean it leaves Social Security untouched.

The Trump administration has been attempting to spin its proposed $64 billion in cuts to Social Security Disability Insurance as somehow not cutting Social Security. Some in the media have parroted the White House line. “Trump’s Budget Slashes Spending, Leaves Social Security & Medicare Untouched,” declared a headline from Fox Business News. A CNN Money correspondent told Wolf Blitzer that Trump’s budget “doesn’t touch Social Security.”

News flash: Just because the Trump budget doesn’t cut retirement benefits doesn’t mean it leaves Social Security untouched. Social Security Disability Insurance is part of Social Security — period.

via The Hill.

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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.

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

“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

Social Security’s retirement, survivors, and disability benefits are closely integrated, sharing the same benefit formula and similar work-history requirements. Like the rest of Social Security, SSDI largely serves older Americans. About three-fourths of beneficiaries are over 50, and more than one-third are over 60. SSDI beneficiaries seamlessly switch to retirement benefits at age 66. Thus, cutting disability benefits would cut the retirement benefits of the affected workers as well.

via CBPP.

Another Voice: Delaying retirement means gains in Social Security

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.

Louisville workers can gain big by delaying retirement

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.

NCPSSM — The Trump budget cuts Social Security, plain and...

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