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Poorer, Older and Sicker: The Challenges Facing America's Senior Women

New Women's Initiative Focuses on Income Inequality, Health and Retirement Security

“Eleanor’s Hope” continues Roosevelt legacy of social progress
 

The National Committee to Preserve Social Security and Medicare was joined by Senator Elizabeth Warren (D-MA), Congresswoman Gwen Moore (D-WI), NOW President Terry O’Neill and Tufts Health Plan President/CEO, James Roosevelt, Jr. on a press call today to announce the launch of a new national initiative called Eleanor’s Hope, to help bring an end to the disparity between men’s and women’s income, health and retirement security.

“The National Committee is excited to launch the “Eleanor’s Hope” initiative today with the support of many influential allies and Members of Congress. Women have a lot at stake in November’s election and beyond.  Through grassroots advocacy and education in our communities and on Capitol Hill, the “Eleanor’s Hope” project will raise awareness, recruit and train new activists, highlight female leaders who are making a difference and generate national interest in women’s health and retirement security issues leading up to the 2014 and 2016 elections.”... Max Richtman, NCPSSM President/CEO

The National Committee was founded in 1982 by Eleanor & Franklin Roosevelt’s son, former Congressman James Roosevelt. It is that Roosevelt heritage, and in the spirit of Eleanor’s work on women’s and social issues, that this new project will honor her name.

“Social Security has contributed to the financial well-being of almost every American family and is among my grandparents’ greatest legacies. My grandmother’s activism for women’s equity, poverty prevention and other social issues was based on her boundless optimism that the American people could move mountains if only freed from the fear of want and destitution.  Her hope has yet to be fully realized for too many Americans -- I believe the Eleanor’s Hope initiative will help to change that.”.... James Roosevelt, Jr., President/CEO Tufts Health Plan & Franklin and Eleanor Roosevelt’s grandson 

While Social Security is a program that is vitally important to all Americans, it is especially important to the financial security of women. Not only do women, on average, live longer than men they also earn less in Social Security benefits. These fiscal realities facing millions of American women increase the risk that they may outlive their savings, impoverishing them and their families.

"We are on the front edge of a retirement crisis, which means that protecting and expanding Social Security is an increasingly important part of improving retirement security. Because women earn less than men, they are more vulnerable in retirement.  I’m happy the National Committee to Preserve Social Security and Medicare is focusing on this issue through the Eleanor's Hope initiative," Senator Elizabeth Warren (D-MA) said. "For nearly half of women age 65 and older, Social Security is all that stands between them and poverty. We must keep our commitment to our seniors by strengthening Social Security, so that after a lifetime of hard work, everyone has a chance to retire with dignity.”

“The time is now to address and improve the fiscal outlook for Social Security and extend the solvency of the system. Women, people of color and low-income families are counting on us to update and improve this critical social safety net. This is why the National Committee’s 'Eleanor’s Hope' initiative is so vital. Through advocacy, recruitment, and training programs, America’s female leaders are given a valuable platform to raise awareness around the health and retirement security issues of our American women and girls. I'm proud to be a part of this important effort.”... Congresswoman Gwen Moore (D-WI) 

When it comes to the issues of retirement security and gender equity, the differences in policy choices offered by candidates are stark.  The future of generations of women and their families depend on providing income equality during their working years and strong Social Security and Medicare programs in their retirement, so women have a lot at stake in these upcoming elections. 

Women are the sole or primary breadwinners in nearly half of all families in the U.S. -- yet two-thirds of minimum wage workers, and nearly 80 percent of sub-minimum wage tipped workers, are women.  Candidates for office need to realize that women, along with the men in their lives, will vote for those who support wage equality and policies that ensure their retirement security.”...Terry O’Neill, NOW President

The goal of Eleanor’s Hope is to raise awareness through community–based and on-line education, recruit and train new activists, and bolster Congressional leaders who are making a difference on women’s income, health and retirement security issues.  We’ll advocate for legislation that addresses the inequities threatening millions of retired women.  Some of the National Committee’s proposals for improving benefits in Social Security and Medicare include:

  • Providing Social Security credits for caregivers
  • Improving Social Security survivor benefits
  • Equalizing Social Security’s rules for disabled widows
  • Strengthening the Social Security Cost of Living Allowance
  • Boosting the basic Social Security benefit of all current and future beneficiaries
  • Building on preventive care provisions in the Affordable Care Act and expanding coordination of care for beneficiaries with multiple chronic conditions.
  • Generating greater savings on the cost of prescription drugs by increasing manufacturer discounts, allowing Medicare to receive the same drug rebates as Medicaid for dual-eligibles, and promoting lower drug costs by providing for faster development of generic drugs. 

The National Committee will hold a Congressional staff briefing, Tuesday, October 14th, on the issues and policy prescriptions needed to address the income inequality, retirement insecurity and health inequities facing women. Then on October 15th we’ll join members of the nation’s only all-female Congressional delegation in New Hampshire to talk about the “Eleanor’s Hope” initiative.  Nationwide, our activists are already in the field educating, advocating and collecting “Eleanor’s Hope” pledges from women who have promised to get out and vote in November and beyond.  We’ve also engaged our membership and active on-line communities to convince Washington that now’s the time to address the retirement crisis facing millions of American women and their families.

Social Security Resumes Statement Mailings

We were happy to find this in our email box today:

Dear Colleague:

I am pleased to announce that, beginning this month, we are resuming periodic mailings of paper Social Security Statements to workers age 18 and older.  Even though most workers will receive a mailing every 5 years, we encourage everyone to create a secure my Social Security account at socialsecurity.gov/myaccount, which will allow them immediate access to their online Statement anytime.

The Statement is a valuable financial planning tool providing workers with important individualized information regarding their earnings, tax contributions, and estimates for future retirement, disability and survivors benefits.

Please read the full press release, including a statement by Social Security’s Acting Commissioner, Carolyn W. Colvin, here.

Thank you for your continued support as we strive to keep workers informed about Social Security. Please help us encourage all workers to sign up for a my Social Security account to regularly review their earnings record and obtain estimates of future benefits for themselves and their families.

We've long advocated for the resumption of mailing paper statements to the many seniors who don't have access to or fluency on the internet and are thankful the SSA has resumed these mailings. 

Social Security and Hispanic Americans

Social Security protects millions of American families in retirement or when a loved one becomes disabled or dies.  These guaranteed benefits are especially important to people of color who tend to have fewer alternative resources, become disabled at higher rates, and rely on Social Security's family benefits disproportionately.

As we mark Hispanic Heritage month in September it’s important to understand the vital role Social Security plays in the lives of Hispanic Americans.

Did you know?

  • Almost three-fourths (74%) of Hispanic beneficiaries rely on Social Security for at least half their income compared to almost two-thirds (64%) of all beneficiaries.
  • Approximately 53% of Hispanic beneficiaries rely on Social Security for 90% or more of their income.
  • Approximately 46% of Hispanic beneficiaries rely on Social Security for all of their income.

Minorities rely more heavily on Social Security due to a lack of other income in retirement.  Few elderly minorities receive income from pensions and assets.  The greatest disparity is in the receipt of income from assets.

  • In 2012, 25% of Hispanics received income from private assets, compared with more than 55% of whites
  • In 2012, 13% of Hispanics 65 years old and over reported receiving income from private pensions or annuities, compared to 28% of whites 65 years old and older

Elderly Hispanics are more dependent on Social Security than others because they are more likely to be in poverty than non-Hispanic elderly.

Speakers at the 2014 Latino Retirement Security Summit addressed the importance Social Security plays in the Hispanic community and the need for Latinos to engage Congress on issues such as preserving Social Security, Medicare and immigration reform.  Contrary to immigration reform myths so common during campaign season, the truth is the Social Security program would benefit if undocumented immigrants were given legal status:

“The evidence is clear that the newly legalized will have a positive effect on the solvency of the Social Security system. On top of the many other positive impacts of bringing the undocumented out of the shadows, these results indicate that providing legal status and a pathway to citizenship to the 11 million undocumented immigrants currently in this country would have a sizeable impact on the ability to provide full pensions to the Baby Boomers in the years to come.” Center for American Progress, “The Benefits of Immigration Reform to Social Security”

Why a Medicare Flat Line is Good News for Seniors

While a flat line in the medical world is usually bad news...when it comes to health care costs in Medicare, this flat line is a good thing.  We reported earlier on the latest Congressional Budget Office forecast for Medicare and why that news is being ignored by Washington’s well-financed anti-entitlement lobby and the fiscal hawks they support in Congress. 

Today, the New York Times provides even more good news for Medicare and bad news for anti-Social Security and Medicare scolds:

“Medicare spending isn’t just lower than experts predicted a few years ago. On a per-person basis, Medicare spending is actually falling.

If the pattern continues, as the Congressional Budget Office forecasts, it will be a rarity in the Medicare program’s history. Spending per Medicare patient has almost always grown more rapidly than the economy as a whole, often by a wide margin.”

 

For years now, Wall Street funded fiscal hawk groups have been promising fiscal Armageddon unless Congress immediately cut benefits to middle-class seniors and their families. Contrary to that billionaire-financed bluster, the truth is there are clearly ways to see savings in Medicare through lower health care costs, not just by slashing benefits:

“The recent pattern reflects two main factors. One is that the baby boom generation is entering the program. In the long term, that’s a problem for Medicare’s finances because the number of people it must care for is going to surge. But in the short term, it skews the group enrolled in Medicare toward a younger, healthier population.

The second factor is more surprising and consequential. Over the last few years, Medicare patients have been using fewer expensive medical services, particularly hospital care and prescription drugs. The budget office is increasingly persuaded that such a pattern is going to last for a while.”

And there are even more proposals that could be enacted which don’t single out seniors for benefits cuts.  How about allowing Medicare to negotiate for lower drug costs like the VA does for veterans?  Or fully allow the proposed reductions in billions of dollars in federal overpayments to MA private insurance companies to be enacted, as proposed by the Affordable Care Act?  This CBO report clearly proves there are ways to manage costs beyond the benefit-cutting or privatization schemes preferred by Congress’ self-proclaimed deficit hawks:

Joan McCarter at Daily Kos sums it up best this way:

“Here's what's particularly significant in this: "Reductions made in the last four years alone are responsible for 10-year savings of more than $715 billion, which dwarfs nearly every deficit-reduction measure currently under discussion." Take that, Paul Ryan.

Here's the thing. Medicare is going to be facing issues when the baby boom cohort gets older and sicker. But this trend in shrinking costs gives policymakers time to look at reforms that do not require benefit cuts, that don't require pain for Medicare patients. That means there's no reason for another Paul Ryan budget that slashes the safety net or for another catfood commission calling for raising the Medicare eligibility age or more cost-sharing by patients. Take note, Democrats, and stop with the deficit fetish already.”

Good News for Seniors in Medicare That You Won’t Hear About from Conservatives

In spite of years and years of doom-and-gloom predictions from conservatives that Obamacare will hurt Medicare, the facts just continue to tell another, very different story.  Earlier in the month the annual Medicare Trustees report showed how the ACA continues to extend the program’s solvency.  Now, the Congressional Budget Office has even more to say:

“You’re looking at the biggest story involving the federal budget and a crucial one for the future of the American economy. Every year for the last six years in a row, the Congressional Budget Office has reduced its estimate for how much the federal government will need to spend on Medicare in coming years. The latest reduction came in a report from the budget office on Wednesday morning.

The changes are big. The difference between the current estimate for Medicare’s 2019 budget and the estimate for the 2019 budget four years ago is about $95 billion. That sum is greater than the government is expected to spend that year on unemployment insurance, welfare and Amtrak — combined. It’s equal to about one-fifth of the expected Pentagon budget in 2019. Widely discussed policy changes, like raising the estate tax, would generate just a tiny fraction of the budget savings relative to the recent changes in Medicare’s spending estimates.”

Unfortunately, these fiscal facts will be ignored by those in Washington determined to cut Medicare benefits. Even though he’s on a nationwide book tour, Rep. Paul Ryan is doing everything possible to ignore talking about his plan which would turn Medicare into CouponCare while also repealing the ACA -- stealing years from Medicare’s solvency, eliminating free screenings for seniors, preserving massive subsidies for private insurers in Medicare Advantage and bringing back the costly prescription drug donut hole. 


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