|
Insider's Report: Social Security Remains Central to Economic Well-Being of all Americans
|
Since its inception, Social Security has been the foundation on which America’s retirement security rests. It has demonstrated its strength by paying benefits without interruption in good times and bad, during periods of recession and disaster and during recovery and healing. The program’s durability is demonstrated yet again in this year’s Trustees Report. With the ultimate course of the COVID pandemic still unclear, the report provides an important reassurance for working Americans and for older Americans.
Yet, it’s been almost four decades since Social Security was last reformed. In 1983, Congress took action to shore up Social Security’s finances under the acute threat of insolvency. Today we are confronted with a looming shortfall in the program’s finances amid a growing demand to boost benefits. But bipartisan action to strengthen Social Security has been elusive — despite the best efforts of some lawmakers to put forward solid proposals.
For many older Americans relying on Social Security for the majority of their income in retirement, benefits are no longer adequate. Social Security Cost-of-Living Adjustments (COLAs) are failing to keep pace with seniors’ living expenses from year to year. While next year’s COLA is projected to be higher than in the recent past (because of pandemic-related inflation), previous COLAs have been relatively paltry — even dropping to zero three times since 2010. This is largely because COLAs are calculated based on the Consumer Price Index for Wage Earners and Clerical Workers (CPI-W), which doesn’t reflect seniors’ spending priorities.
If anything, seniors will need more accurate COLAs and higher benefits to survive financially in the mid-21st century. Middle-class income — which has been all but stagnant for decades — is expected to remain flat through 2030, according to a Kaiser Family Foundation estimate. At the same time, seniors’ expenses will continue to rise, especially in the areas of health care and housing.
That’s why the National Committee is urging Congress to improve Social Security benefits to protect the growing share of seniors who depend on the program for all or most of their retirement income. We can no longer kick the can down the road. Now is the time to strengthen a program that remains central to the economic well-being of all Americans — those who are retired today and those who one day hope to be the same.
|
|
|
|
| |
| |
| |
 |
|
| Good Bills |
| |
|
The National Committee has sent a letter to congressional leaders urging them to prioritize the needs of older Americans and people with disabilities as they negotiate an agreement on budget reconciliation legislation. In our letter, we outline a number of policy priorities to improve the health and economic security and caregiving of all Americans — including by expanding Medicare to cover dental, vision and hearing care — and to add needed reforms to prescription drug pricing and payments to Medicare Advantage plans.
|
|
|
| |
 |
|
| Ask Web |
| |
|
Our resident Social Security expert, Webster Phillips — a Senior Policy Analyst for the National Committee and a 31-year veteran at the Social Security Administration — is here to answer your questions about Social Security.
You can either search our archives for valuable advice on a broad range of concerns or submit your question here.
This week's question is: Do pension offsets apply only to federal government pensions or also to state, county and city pensions?
Click here to read the answer.
|
|
|
| |
 |
|
| Poll Results! |
| |
|
In the last issue of Benefits Watch we asked our readers the following question:
Should Congress pass a final $3.5 trillion reconciliation bill that includes measures that will meaningfully lower prescription drug costs and expand Medicare to cover dental, hearing and vision care?
The results from our recent poll are fascinating, but they’re only available to National Committee members! Join the National Committee today and we’ll immediately give you the results of this important poll.
|
|
|
| |
|
|
|
|
|
 |
|
Ask Web
Whether you’re currently retired or approaching retirement, we can help answer your questions and provide valuable advice on Social Security. |
|
 |
|
Join Now
Your support sustains our campaigns in Washington to protect and strengthen Social Security and Medicare. |
|
 |
|
Rebuild the Middle Class
Learn how we’re fighting to rebuild the middle class for a stronger America where everyone has a chance to thrive. |
|
|
| |
| |
| Protecting solvency of Social Security |
| |
|
The Social Security trust fund many older Americans rely on for retirement will run out of money in 12 years, according to an annual government report released last week. (September 8, 2021, WCAX-TX, Television interview with NCPSSM President & CEO Max Richtman)
Watch Here →
|
|
|
|
|
|
|
|
| |
| |
| A call to Congress to strengthen, expand Social Security & Medicare – Herb Weiss |
| |
|
The 2021 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance (OASI) and the Social Security Disability trust fund (SSDI), released last week, gives Congress this stark warning: the Social Security Trust fund is heading toward insolvency in 13 years while SSDI will see its reserve funds depleted in 2057, eight years sooner than last year’s estimate. (September 6, 2021, Rhode Island News, Herb Weiss)
Read More →
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
| Time to retire Social Security’s ‘evil twins?’ |
| |
|
If the 2022 mid-term elections are as energized as some experts predict, it could produce a Congress that might repeal or modify two 1980s laws — WEP and GPO — that monthly take a big bite out of the retirement benefits of millions of former feds, teachers, cops and other ex-public employees. (September 7, 2021, Federal News Network, Mike Causey)
Read More →
|
|
|
|
|
|
|
|
| |
|
|
2.png "tw"){kind=small}
