Privatization is really a plan to dismantle Social Security.

“On this day in 2001, President George W. Bush created a 16-member bipartisan commission to study the feasibility of “modernizing” a Social Security system that had remained essentially unchanged since a New Deal Congress created the program in 1935.... — On this day in 2001, President George W. Bush created a 16-member bipartisan commission to study the feasibility of “modernizing” a Social Security system that had remained essentially unchanged since a New Deal Congress created the program in 1935. Former Sen. Daniel Patrick Moynihan (D-N.Y.) and Richard Parsons, chief operating officer of AOL/Time Warner, became the panel’s co-chairmen.
The recently elected president told the group to follow six guiding principles: “(1) modernization must not change Social Security benefits for retirees or near-retirees; (2) the entire Social Security surplus must be dedicated only to Social Security; (3) Social Security payroll taxes must not be increased; (4) the government must not invest Social Security funds in the stock market; (5) modernization must preserve Social Security’s disability and survivors insurance programs; and (6) modernization must include individually controlled, voluntary personal retirement accounts, which will augment Social Security.”
via Politico.
**Related Reading:**
**Privatization is really a plan to dismantle**
**Social Security.**
Younger workers can wait out market dips, but those about to retire have less of a cushion against portfolio losses, making safer Social Security savings all the more important.
If GOP survives the 2018 midterm elections still in control of both the White House and Congress, Social Security privatization may snake its way into the forefront again.
Social Security is income insurance, while privatization would mean playing the markets with all the attendant risk.

Source: cnb.cx

politics social security privatization seniors retirement retirees retirement crisis entitlements entitlement reform earned benefits p2 elderly older americans social insurance george w. bush GOP republicans

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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.

Even Before Stock Market Swoon, 2016 Republicans Mum On Social Security Privatization

That giant sucking sound you hear may be a sigh of relief. Private Social Security accounts may be popular with conservatives but presidential candidates aren't talking about them so far this year.

But, in what may be an example of political prescience — or, at the very least, reason for political relief — given Monday’s stock market swoon, they’ve been mysteriously silent about one issue that many conservatives support: privatization.
via Bloomberg.

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

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.

Source: ncpssm.org social security politics entitlements p2 seniors retirement retirees retirement crisis entitlement reform elderly COLA means testing medicare health care retirement age

“In Congress, Pence has consistently voted in favor of legislative efforts to cut benefits in Social Security, Medicare and Medicaid and is one of Congress’ biggest proponents of privatization. The National Committee to Preserve Social Security and... — In Congress, Pence has consistently voted in favor of legislative efforts to cut benefits in Social Security, Medicare and Medicaid and is one of Congress’ biggest proponents of privatization. The National Committee to Preserve Social Security and Medicare scored Mike Pence at 0% on issues important to seniors during the 2011-2012 Congress since he voted for multiple pieces of legislation that would cut benefits and programs that protect senior’s health and financial security.
via Jewish Journal.
Related Reading:
Medicare Privatization Tops the GOP Agenda.

Source: bit.ly medicare privatization social security politics healthcare seniors older americans p2 elderly medicaid retirement retirees retirement crisis entitlements entitlement reform trump donald trump

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.

Source: ncpssm.org social security politics entitlements boost social security seniors retirement crisis retirement retirees

bit.ly

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 — On this day in 2001, President George W. Bush...

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