According to the New School for Social Research, 75 percent of Americans nearing retirement have less than $30,000 in their retirement accounts. Almost half of middle-class workers will be poor or near poor in retirement and living on a $5-per-day food budget.
See more posts like this on Tumblr
#politics #social security #retirement #retirees #seniorsWhen 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.
Scores of Democrats are calling on President Obama to champion an expansion of Social Security benefits for millions of seniors nationwide.
In a letter to be delivered to the White House Monday, the lawmakers say evolving trends surrounding employer retirement packages have put a financial squeeze on the nation’s retirees. They want the president to fill the gap by expanding Social Security.
via The Hill.
We agree. Congress needs to BOOST Social Security benefits for all working Americans. With individuals saving less and less for retirement, it’s important we expand benefits.
America’s Jump From Economic Crisis to Retirement Crisis.
Petition to the Leadership of the Congress of the United States: Boost Social Security Benefits NOW.
Retirement, Social Security and long-term care:
Amid doubts about the soundness of the Social Security system, most Americans reject the idea of reducing benefits for future retirees. When asked to think about the long-term future of Social Security, only 25% say some reductions in benefits for future retirees will need to be made, while 74% say benefits should not be reduced in any way.
via Pew Research.
Related Reading:
The Social Security Administration’s budget has been under assault for years. Today the Senate Special Committee on Aging will examine the real-life impact these cuts are having on millions of seniors, people with disabilities, survivors and their families…
Social Security is indispensable for many of our nation’s retirees, who depend on the program for retirement security. But for the 65 million people on Social Security, there will be no annual raise in their benefits in 2016.
via NJ.com.
No COLA Increase for Millions of Seniors.
No Social Security COLA Increase + Massive Medicare Hike for Millions.
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.”
For years, seniors have told us that they need their Social Security benefits boosted. They want fairer cost-of-living adjustments (COLAs) that reflect retirees’ true living expenses. They say it’s time for the wealthy to start paying their fair share in Social Security payroll contributions. Congressman John Larson’s Social Security 2100 Act would achieve all of that – and more.
The bill would keep the system solvent for nearly the rest of this century while modestly boosting benefits – and cutting taxes for retirees. Not only do seniors and advocates support this bill, the American public has affirmed the proposals that it embodies in poll after poll, across party lines and age groups.
Seniors have earned their benefits and many don’t have much else to live on. For more than one-third of retirement beneficiaries, Social Security constitutes at least 90 percent of income. Half of people aged 65 to 74 have no retirement savings. Without Social Security, almost half of the elderly would live in poverty.
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.
Rather than cut benefits or hike the retirement age, this proposal would increase benefits across the board. It would provide a better cost-of-living adjustment that would reflect the true cost seniors incur, such as higher medical expenses.
