What millennials get wrong about Social Security

Few issues unite millennials like the future of Social Security. Overwhelmingly, they’re convinced it doesn’t have one.
A recent Transamerica survey found that 80 percent of millennials, defined in the survey as people born between 1979 and 2000, worry that Social Security won’t be around when they need it. That’s not surprising — for years, they’ve heard that Social Security is about to “run out of money.”
The language doesn’t match the reality. Social Security benefits come from two sources: taxes collected from current workers’ paychecks and a trust fund of specially issued U.S. Treasury securities. This trust fund is scheduled to be depleted in 2034, but the system will still collect hundreds of billions in payroll taxes and send out hundreds of billions in benefit checks. If Congress doesn’t intervene, the system can still pay 77 percent of projected benefits.
via Fox Business.

Related Reading:

We Must Fight to Preserve Social Security for Millennials.

Don’t listen to so-called “entitlement reformers” who try to divide the generations by telling you it’s unfair that millennials “support” today’s retirees through Social Security payroll contributions. This ignores the fact that the program has always been a compact between the generations — and has provided Americans with basic income in retirement for more than 80 years. Social Security is the bedrock of the U.S.’s working and middle classes. We can’t allow conservative ideologues to erode it.

Source: bit.ly

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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

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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.

Opinion: Detroit workers win by delaying retirement

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.

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.

Should Poor Workers Receive Less Social Security Because Rich Workers Are Living Longer?

Raising the SSFRA to 70 will force poor Americans to keep working for the purpose of financing the Social Security benefits of the rich.

Nick Buffie

During the 2016 campaign, a number of presidential candidates have proposed raising the retirement age to 70. Others want to raise the retirement age a bit less, and some don’t favor raising it at all.
When candidates talk about “raising the retirement age,” what they are referring to is the Social Security Full Retirement Age (SSFRA). This is the age at which retirees can begin receiving full Social Security benefits. Starting at age 62, retirees can receive partial benefits.
via CEPR.

Related Chart:

Find out where each GOP Presidential Candidate stands on raising the retirement age by clicking here.

retirement age politics seniors social security retirement crisis entitlements entitlement reform p2 retirees social insurance poverty election

During these next few months, we’ll be profiling potential and current Presidential Candidates and their future plans for ‪Social Security‬ & ‪Medicare‬.
Today, we concentrate on Jeb Bush and his comments on raising the retirement age which is a... — During these next few months, we’ll be profiling potential and current Presidential Candidates and their future plans for ‪Social Security‬ & ‪Medicare‬.
Today, we concentrate on Jeb Bush and his comments on raising the retirement age which is a benefit cut.

Source: ncpssm.org social security election 2016 election politics jeb bush seniors p2 retirement retirees retirement crisis retirement age social insurance entitlements entitlement reform

New NCPSSM poll shows strong opposition to a key GOP proposal for Social Security. Raising the Social Security retirement age to 69 amounts to a benefit cut for all seniors. Congress should listen to the voters on this one.
More information on the... — New NCPSSM poll shows strong opposition to a key GOP proposal for Social Security. Raising the Social Security retirement age to 69 amounts to a benefit cut for all seniors. Congress should listen to the voters on this one.
More information on the poll here.

Source: bit.ly politics seniors social security entitlements earned benefits retirement retirees retirement crisis entitlement reform p2 older americans elderly social insurance polyvore retirement age

Opponents of Social Security may once again try to use this report as an excuse to cut benefits, including raising the retirement age…We must, instead, look to modest and manageable solutions that will keep Social Security solvent well into the future without punishing seniors and disabled Americans.

Max Richtman via ABC News.

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NCPSSM — What millennials get wrong about Social Security

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