Unfortunately, the cold facts do not deter the administration’s propagandists from insisting that many SSDI beneficiaries are somehow undeserving of help – even though they must have worked and paid into Social Security for five of the past ten years before applying.
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#politics #health care #disability #SSDI #social security #seniors #retirement #retirees #retirement crisis #entitlements #entitlement reform #older americans #elderly #p2 #healthcareMax 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.”
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.
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.
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.
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.
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.
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.
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.
Trump’s budget proposal, though widely disregarded by congressional appropriators, would cut $31.4 billion from SSDI over 10 years, according to the Washington Post.
“I recognize that he’s going to be saving Social Security Retirement, but he’s not saving Social Security Disability Insurance, which benefits more than 10 million Americans,” NBC’s Peter Alexander told Mulvaney in a press briefing Tuesday, pointing to Trump’s repeated campaign promises not to cut Social Security. “So is the President keeping his promise on that program?”
Mulvaney argued that SSDI “is not what most people would consider to be Social Security.”
via Talking Points Memo.
Last week, the trustees reported that Social Security can pay all of its projected obligations through about 2034. To keep faith with today’s workers and tomorrow’s retirees, Social Security will need additional funds, though the shortfall is entirely manageable if we act in the next few years.
via Huffington Post.
