Retirees Rally for Social Security Reform
Retirement is supposed to be the time of your life when you can relax and enjoy yourself, living off of savings and the Social Security benefits earned during your lifetime of working. It should not be a time of stress and financial struggle, yet that is exactly what millions of seniors are facing right now. During a recent House Ways and Means Social Security subcommittee meeting, several retirees spoke about the dire straights they are in and sparked a rallying call for Social Security reform. CNBC heard what they had to say and it agrees, saying that it’s time Congress finally takes action.
The article looked at some of the changes that have been suggested, such as President Biden’s proposal to raise the minimum Social Security benefit to 125% of the federal poverty level and Rep. John Larson’s Social Security 2100 Act, which aims to expand benefits while extending the program’s solvency into the next century.
A Better Choice?
While any change would be welcome, one of the best proposals we’ve seen is the Social Security Expansion Act. This landmark piece of legislation could solve many of Social Security’s most pressing issues – namely providing retirees with more money and shoring up the program’s long-term solvency.
To begin with, the Social Security Expansion Act will extend the solvency of Social Security for at least 50 more years by lifting the cap on Social Security taxes. Not only will this put more money in the coffers, but it will ensure everyone pays a fair portion in relation to their income.
The Social Security Expansion Act would also put more money into retirees’ pockets right now. It calls for increasing monthly benefit checks by about $65 on average as well as establishing a fairer cost-of-living adjustment (COLA) formula based on the Consumer Price Index for the Elderly (CPI-E). This takes into account the unique spending habits of seniors such as higher health care costs.
Retirees aren’t the only ones who will benefit from passage of the Social Security Expansion Act. It would also update the Special Minimum Benefit, which would assist low-income workers by making it easier for them to qualify for benefits and setting those benefits at 125% of the poverty line.
Leading the charge for Congress to enact the Social Security Expansion Act is The Seniors Trust. We are a program of a nonprofit organization devoted to protecting and expanding Social Security retirement benefits for every American senior. You can join our efforts and show your support by signing this petition.
Please feel free to contact us to let us know your thoughts on the legislation!
