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Insider's Report: Americans Can Still Count on Social Security In 1935, after the bank failures and a stock market crash that wiped out the
savings of millions of Americans, the nation turned to Washington to guarantee
the elderly a decent income. In those days, over half of America's elderly
lacked enough income to be self-supporting. The Social Security Act was enacted
at the urging of President Franklin D. Roosevelt to create a social insurance
program that would ensure workers would have a source of income after they
retired.
Today, while many Americans are seeing their 401(k) retirement savings dwindle
as a result of the coronavirus and its impact on our economy, Social Security remains the one program that millions of older Americans can rely on [link removed] even in turbulent economic times.
Yet, despite one economic crisis after another, there are those
in Washington and the private sector who continue to support privatizing Social Security, [link removed] which would allow workers' payroll contributions to be invested in private
accounts. Social Security privatization would effectively gamble Americans'
hard-earned benefits on Wall Street. If markets tumble, retirees' Social
Security checks would be reduced.
The National Committee led the charge to stop privatization when it was pushed
by former President George W. Bush. We succeeded in defeating this dangerous
plan, but calls for privatization were quickly replaced with proposals to raise
the Social Security retirement age and adopt a stingier Cost-of-Living
Adjustment (COLA), which continue today.
The coronavirus pandemic exposes the deep flaws in the privatization scheme and
any plan that would reduce our government's obligation to workers and retirees.
Congress should be boosting, not reducing, revenue for the Social Security
system — as Representative John Larson's "Social Security 2100 Act" [link removed] would do (in addition to increasing benefits). And all Americans should be
extremely wary of any proposal to alter the fundamental nature of Social
Security, including — and especially — privatizing their earned benefits. For
proof, look no further than the turmoil on Wall Street. [link removed] Please consider becoming a member now [link removed] to help us keep the pressure on Congress. Your continued support is essential to
the National Committee's mission of protecting your earned benefits. VICTORY!
According to information posted on the Internal Revenue Service website earlier
in the week, people who don't normally file taxes, including many Social
Security recipients, would have to file a simple tax return in order to receive
their cash payment ($1,200 for individuals, $2,400 for couples) as part of the
economic relief package passed by Congress. This would have placed an
unnecessary burden on retirees and people with disabilities to file a tax return
in order to receive their one-time payment.
After facing swift criticism from lawmakers, the National Committee and other
seniors' advocacy groups, the Treasury Department announced that Social Security
beneficiaries will nothave to file a tax return in order to receive their payment from the government.
The IRS will use information that the Social Security Administration has on file
to automatically distributethese funds in the next three weeks. If beneficiaries normally receive their
Social Security benefit payment directly deposited into their bank accounts,
they will receive the one-time cash payment the same way. If they receive a
paper check in the mail then the cash payment will take longer to receive.
This is a victory for Social Security recipients, and it was made possible by
your loyal and informed partnership with the National Committee! Take Our Poll!
President Trump signed into law a bipartisan coronavirus relief bill [link removed] last week that will address the health and economic crises that have gripped our
country as a result of the coronavirus pandemic. It offers financial relief to
workers and corporations, and it provides assurances that Social Security beneficiaries can receive cash payments [link removed] ($1,200 for individuals and $2,400 for couples) like millions of other
Americans, even if they have not filed income taxes for 2018 or 2019. While the
National Committee supported provisions in the bill to offer cash payments to
seniors and make health care benefits more accessible during the crisis, we
opposed the bill's employer payroll tax rebates and deferrals because they
undermine the earned-right benefit nature of the program, opening the door for
privatization or future benefit cuts that will hurt seniors and people with
disabilities.
And so we want to know your response to the following question:
Do you believe the coronavirus relief legislation goes far enough to protect the
health and economic security of workers and retirees as our government struggles
to bring the coronavirus pandemic under control?
Take our poll now! [link removed] Ask Us
Did you know that a team of experts in the field of Social Security policy is
available to answer your questions about benefits? For 37 years, the National
Committee has been helping thousands of our members and supporters with a broad
range of concerns on Social Security.
Whether you're currently retired or approaching retirement, the National
Committee's "Ask Us"section can help answer your questions about Social Security. You can either
search our archives for valuable advice on a broad range of concerns at www.ncpssm.org/ask-us-recent/ [link removed] or email your question to
[email protected] mailto:
[email protected]?subject=.
This week's question is: I receive my Social Security payment at the most ill-timed part of the month. Is
there any way I am able to possibly change the time I receive my monthly payment
to the first of the month, as opposed to the last of the month? It causes a
great deal of inconvenience in having to move money around to pay monthly bills.
Click here to read the answer. [link removed] Recent Headlines
Don't worry, you'll still get your Social Security, even with the coronavirus crisis [link removed] (March 23, 2020, MarketWatch, Alessandra Malito)
Opinion: Why suspending the Social Security payroll tax is a terrible idea [link removed] (March 29, 2020, MarketWatch, Alicia H. Munnell)
Congress passes plan to send taxpayers $1,200 checks in coronavirus aid. How to get yours [link removed] (March 25, 2020, CNBC, Lorie Konish)
Medicare Is Updating Coverage to Help in the Coronavirus Crisis [link removed] (March 24, 2020, The New York Times, Mark Miller)
Experts say COVID-19 will likely lead to US drug shortages [link removed] (March 27, 2020, Center for Infectious Disease Research and Policy (CIDRAP),
Robert Roos)
Coronavirus Shock Is Destroying Americans' Retirement Dreams [link removed] (March 26, 2020, Bloomberg Businessweek, Ben Steverman)
[link removed] [link removed] [link removed] [link removed] Member contributions to the National Committee, a nonprofit 501(c)(4)
organization, are not tax-deductible.
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