As an old fart I am always watching to see what measures are proposed then taken by this government that would effect us elderly people.
Social Security has been a battlefield for generations…..the big lie that seems to surface with every election is that SS is going bankrupt…..
Arguably the biggest Social Security lie is the idea that the program will soon be bankrupt and not able to provide a benefit to future retirees. This lie is perpetuated by the latest annual report from the Social Security Board of Trustees, which calls for a major shift come 2022. In four years, the program will begin paying out more in benefits than it’s generating in income for the first time in 40 years. This shift is a result of a growing number of baby boomers entering retirement and thus lowering the worker-to-beneficiary ratio, an increase in longevity over many decades, and growing income inequality that has allowed the rich to live substantially longer (and collect a bigger Social Security check) than lower-income folks.
By 2034, a dozen years later, Social Security’s approximately $3 trillion in asset reserves is expected to be completely exhausted. It’s this excess cash depletion that has 51% of Americans, according to a 2015 Gallup survey, confident that they won’t receive a dime from the program by the time they retire. Thankfully, more than half of all Americans are wrong.
Social Security has three funding mechanisms, and one of those funding sources ensures that the program is incapable of going bankrupt. Social Security’s lesser funding sources are the interest earned on its asset reserves ($88.4 billion in 2016) and the taxation of Social Security benefits ($32.8 billion in 2016).
(The Motley Fool)
For millions of workers, Social Security is all they have to keep them from destitution in old age. Even with Social Security’s guaranteed benefits, they struggle to make ends meet. Fortunately, Congress can easily strengthen retirement security by expanding Social Security. Congressman John Larson (D-CT) has a bill to do just that: The Social Security 2100 Act, which is supported by 90 percent of Democrats in the House of Representatives.
Nearly four in five Americans live paycheck to paycheck. In 2018, the Federal Reserve Board found that four in ten Americans could not afford $400 for an emergency expense. Low wages combined with the high cost of health care, housing and education prevent people from putting aside funds for retirement. The Government Accountability Office reported earlier this year that almost half of households headed by Americans aged 55 and older have no retirement savings.
Equally concerning, most companies no longer offer pensions to their workers—a guaranteed monthly income. Instead, if they are lucky, workers get small financial contributions toward their retirement that do not amount to a whole lot. 401k plans and other so-called “defined contribution” plans do little good if workers are forced to spend their income on basic needs and have no money to save.
A good plan but as long as Moscow Mitch has a strangle hold on the Senate this will probably go no where.
Read the act over and if you like what you see then let your representative and senators know…..
“Lego Ergo Scribo”