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Posts Tagged 'Retirement'

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The Retirement Security Gap Between America’s Rich and Poor Continues to Grow

New GAO Report Provides Startling Details on Disparities and Their Impact 

on Social Security Benefits

Growing disparities in life expectancy between America’s rich and poor are eroding the progressive nature of Social Security. A new Government Accountability Office (GAO) report, requested by Senator Bernie Sanders, shows that low-income American men will lose 11%-14% of their lifetime Social Security benefits while high-income men will see a 16%-18% benefit boost due to this growing gap.

“This report is especially important when you consider the political push to raise Social Security’s retirement age to reduce benefits.  Forcing average Americans to delay retirement until 70, as suggested by some in Washington, would mean even smaller benefits for lower-income groups.

The National Committee to Preserve Social Security and Medicare has long opposed increasing the Social Security retirement age as nothing but a cruel cut in benefits, and this GAO report shows exactly how cruel it would be.  Instead of cutting Social Security, Congress should boost benefits so that Social Security can continue to fulfill its promise providing an adequate base of income for America’s seniors.  Our thanks to Senator Sanders for his strong leadership in requesting this important report. It’s a must-read for any candidate who truly cares about keeping America’s promise of retirement security.”...Max Richtman, NCPSSM President/CEO

America’s wealthiest are not only living longer and collecting more Social Security benefits, they are also contributing less to the program than at any time in recent history. In the past, the Social Security tax cap has been set at a level that covered about 90 percent of all earnings. Currently, however, only about 83 percent of earnings are subject to the Social Security payroll tax. This means the wealthy, who’ve benefited from disproportionate wage growth, have also been exempt from paying into Social Security on those gains above the $118,500 cap.

The National Committee supports legislation, including Senator Sanders’ “Social Security Expansion Act”, which would lift the payroll tax cap, boost benefits and adopt a cost of living formula for seniors. 

You can read the GAO report here.

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Seniors and the State of the Union

Here’s reaction to last night’s State of the Union address  from National Committee President/CEO, Max Richtman:

“American families, across generations, will be encouraged to see our President acknowledge that job creation and economic insecurity are among the greatest challenges facing millions of average Americans. President Obama is right, too many have been left behind and still face unemployment, stagnant wages and an insecure future, even as the economy recovers.  The President’s promise of a year of action to restore the basic bargain that built this country should also include preserving and strengthening the nation’s retirement and health security programs, Social Security and Medicare.

While we support proposals that encourage independent savings strategies, the surest and most time-tested path to economic security for older Americans is through the Social Security program. We urge the President to use his power and influence to boost the nation’s retirement system which has successfully served millions of Americans for more than 78 years.  

Social Security benefits are not keeping pace with the cost of living in America. The average monthly benefit of $1269 is akin to a monthly paycheck for a worker on minimum wage. While the President is committed to raising the federal minimum wage to $10 per hour for workers, we would also like to see the President support an increase of $70 per month in Social Security benefits for retired workers as proposed by Senator Tom Harkin and Congresswoman Linda Sanchez in S.567 /H.R.3118.  This benefit improvement could be paid for by lifting the payroll wage cap.

Rather than calling for benefits cuts through proposals like the Chained CPI, we should be talking about boosting benefits, adopting the more accurate consumer price index for the elderly (CPI-E) and increasing the minimum benefit formula. We urge the President to remember that reducing already modest benefits to seniors isn’t the path to economic security. The future of America’s retirees must remain a part of this debate. “…Max Richtman, NCPSSM President/CEO


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Americans Work Longer for Fewer Retirement Benefits

Kudos to Kathy Ruffing at the Center on Budget and Policy Priorities for her research highlighted in today’s  Off the Charts blog post.

“U.S. seniors are more likely to be in the workforce than their peers in almost every other developed country.  Nearly 30 percent of Americans ages 65 through 69 were employed in 2012.  That’s about three times the European average, according to the Organisation for Economic Co-operation and Development (see chart).”


We suggest you read the entire blog post for the full picture of just how poorly the U.S. stacks up when compared to how other nations treat their seniors.  As CBPP puts it:

“The moral?  Our seniors already work harder and get lower benefits than their counterparts in most other rich countries.  So imposing big benefit cuts on ordinary seniors would be the wrong way to restore Social Security solvency.”

We couldn’t agree more!

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Retired and Bankrupt

As the great recession drags on it’s clear that the average American’s dream of retirement may be just that…a dream. Far from the fiscal hawks’ mythology of “greedy geezers”  living high on the government hog or cow,  or whatever farm analogy you prefer, it’s clear that a growing number of seniors are facing frightening fiscal futures. There have been a number of stories recently highlighting the realities facing today’s retirees. USA Today wrote:

The ranks of older bankruptcy filers also have been swelling rapidly. From 1991 to 2007, bankruptcy filings by those 65 and older increased by 150%, while filings in the 75-to-84 age group soared 433%, according to the Consumer Bankruptcy Project. Older Americans are staggering under debt because of a variety of problems — from unexpected job losses late in life and underemployment to overwhelming medical bills and providing financial help to their children and grandchildren, analysts say. Making the issue even more serious: They have little time to climb out of debt, says Matthew Beatman, bankruptcy lawyer at Zeisler & Zeisler in Bridgeport, Conn.
A University of Michigan Law School study examined why Americans over 65 are the fastest growing demographic of bankruptcy filers and reports that seniors blame credit card debt.
And though older bankruptcy filers blame credit cards for their debt, they're not the underlying cause of their problems. Much of the credit card debt resulted from attempts to supplement lost income. "When people in their 50s are laid off after they have been at the same company for 25 to 30 years, they find things have changed," says Brian Grogg, a credit counselor at GreenPath Debt Solution in Farmington Hills, Mich. "They need to know more about computers. They find it harder to get a job."  And seniors who rely on Social Security are finding it insufficient. There will be no increase in retirement benefits  in 2011 for the second year in a row. -- USA Today
As we’ve reported here before, we can not afford to ignore the growing Retirement Income Deficit facing millions of Americans. Yet, that’s exactly what’s happening  in Washington in the rush to balance the federal books on the backs of programs like Social Security and Medicare.

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