Time to celebrate! Social Security income will not be cut! The chained CPI (cost of living increase) will not be in the President’s budget…FOR NOW.
The chained CPI was a flawed idea from the start targeting both current and future retirees. It would cut benefits by 3% for workers retired for ten years and 6% for workers retired for twenty years. Three years after enactment, this translates to a benefit cut of $130 per year in Social Security benefits for a typical 65 year-old. The cumulative cut for that individual would be $4,631 or more than three months of benefits by age 75. I applaud the President for listening to members of congress and Americans nationwide who have made the case repeatedly that cutting benefits to middle-class families is not the way to balance our books.
Most people don’t realize the average monthly Social Security benefit is just $1,269 which is on par with what a person earning minimum wage is earning. According to The National Committee to Preserve Social Security and Medicare, this small benefit is also 90 percent of the total monthly income for nearly half of America’s retirees: this makes a livable retirement very difficult, to say the least. It’s time for Congress to act! There are bills in Congress right now to phase in a $70 per month increase. It’s not a lot but will help seniors and their families stay afloat. This increase will be paid for by lifting the payroll tax cap on Social Security and bring us a little closer to tax fairness. Boost Social Security now to help seniors survive retirement.
Write your Congressman and let him know you want him to cast his vote in favor of this increase. This is what you want, and he is representing you.
Villager Sue Michalson is the Congressional District 11 representative for the National Committee to Preserve Social Security and Medicare.