What Does Universal Social Security Really Mean?
For years there has been talk of universal Social Security coverage. Basically, this would mean that everyone – regardless of how much money you made when you worked – would get the same amount of benefits each month. Could Social Security really switch to flat rate benefits?
CNBC took a deep dive into this proposal and how it would work. Right now, benefits are based on your income, when you were born, and the age at which you decide to start collecting Social Security. The average retired worker receives about $1500 each month from Social Security. Under the current system, higher wage earners receive bigger benefits, with the maximum being a bit over $3000 per month.
Universal Social Security calls for everyone to receive the same amount in benefits, regardless of their income. It’s certainly a controversial proposal, but one that is gaining support as the Social Security trust fund continues to shrink. Experts believe it could be depleted within the next 15 years. At which time, Social Security will only be able to pay out a portion of its promised benefits.
The Seniors Trust is devoted to protecting and expanding Social Security retirement benefits for every American senior. Our mission is to urge members of Congress to enact the Social Security Expansion Act. No matter which direction the debate over universal Social Security takes, seniors deserve this legislation. Once passed, this landmark piece of legislation will provide increased monthly benefits for retirees and ensure long-term solvency of the Social Security program, making sure it is there now and in the future. Please, sign our petition to Congress and join us as we strive to improve the lives of senior citizens.
