Former Vice President Joe Biden on Monday rolled out his presidential campaign’s plan for older Americans, including policy proposals on prescription drugs, Medicare and Social Security.
“The moral obligation of our time is rebuilding the middle class. The middle class isn’t a number, it’s a value set. And, a key component of that value set is having a steady, secure income as you age so your kids won’t have to take care of you in retirement,” the campaign wrote.
via The Hill.
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Former VP Joe Biden explains to viewers that Republicans will come after Social Security and Medicare to pay for their tax cuts for the wealthy.
QUICK: Will the Trump administration tackle entitlement reform?
KUDLOW: Well, we’ve already tackled a big part of the newest entitlement, namely Obamacare. As far as the larger entitlements, I think everybody’s going to look at that probably next year. I don’t want to be specific, I don’t want to get ahead of our own budgeting, but we’ll get there.
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.
Read more from this post by clicking here.
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:
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.
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 Detroit 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. Even with Social Security, some 7% of Michigan seniors live in poverty. The good news is that 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. Waiting until after the current full retirement age of 66 yields even greater gains — up to 44% more than early claiming. But too few of Detroit’s workers are taking advantage of this delay-and-gain strategy. More than half of Michigan workers retire by age 62 — four years before they can collect their full Social Security benefits.
Read more from our op-ed by clicking here.
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.
But I feel from all the budgets that I’ve passed, normalizing entitlement reform, pushing the cause of entitlement reform and the house passing entitlement reform, I’m very proud of that fact. But yeah, of course more work needs to be done, and it really is entitlements. That’s where the work needs to be done, and I’m going to keep fighting for that.
Speaker Paul Ryan via Politico.
Related Reading:
Seniors Relieved as America’s Privatizer-In-Chief Heads for the Exits.
- House Speaker Paul Ryan’s retirement from Congress lifts a very dark cloud that has hung over older Americans for nearly two decades. During that time, Speaker Ryan has been the Privatizer-in-Chief on Capitol Hill – advocating to turn Medicare into a voucher program and to gamble retirees’ Social Security benefits on the whims of Wall Street.
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 Vermont is about $1,420 or some $17,000 per year, only a few thousand dollars above the federal poverty line.)
Even with Social Security, nearly 7% of the state’s seniors live in poverty. The good news is that workers can increase the size of their future Social Security checks by delaying retirement.
More from this op-ed can be read here.
[Read more about our education initiative, Delay & Gain, by clicking here]
