Retirees to Receive a Much Needed COLA

Social Security beneficiaries will receive a much-needed, 2.8% cost-of-living adjustment (COLA) for 2019 – providing a $39 bump to the average monthly retirement benefit. The 2019 COLA is higher than 2018’s (2.0%), which was partially offset by an increase in Medicare Part B premiums for many beneficiaries. With Medicare Part B premiums anticipated to rise minimally for most beneficiaries next year, most Social Security recipients will be able to keep the lion’s share of the cost-of-living increase.

“This COLA is good news for seniors living on fixed incomes. Every extra dollar helps. But the current COLA formula (the CPI-W) is inadequate because it does not account for seniors’ rising expenses – especially housing and health care. COLAs could be improved by adopting the Consumer Price Index for the Elderly (CPI-E), which is based on retirees’ actual spending habits rather than those of the general population,” – Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare.

There is legislation in Congress, including Rep. John Larson’s Social Security 2100 Act and Rep. John Garamendi’s CPI-E Act of 2017, which would require the use of the Consumer Price Index for the Elderly to determine COLAs for a broad array of federal retirement programs, including Social Security. November’s elections may breathe new life into these bills after languishing under the current Congressional leadership.

Source: NCPSSM

SS Future Depends on November Elections

On Social Security’s 83rd Anniversary

Program’s Future Depends on November Elections

After eight decades of paying benefits to multiple generations of retired workers – and keeping them out of poverty – one would think Social Security’s legacy would be apparent and its promise secure. Yet, here we are in 2018, with Social Security under threat from conservatives who clearly don’t believe in that promise. Using the misleading label “entitlement reform,” they want to cut benefits, raise the retirement age, and privatize the program. They attempt to break the compact by dividing the generations with the specious argument that any “reforms” wouldn’t affect current retirees, only future ones – who, in reality, won’t need Social Security any less. Don’t worry, we’re only cutting your children and grandchildren’s benefits – not yours!

Source: NCPSSM Blog

S.S. Future Depends on November Election

On Social Security’s 83rd Anniversary

Program’s Future Depends on November Elections

After eight decades of paying benefits to multiple generations of retired workers – and keeping them out of poverty – one would think Social Security’s legacy would be apparent and its promise secure. Yet, here we are in 2018, with Social Security under threat from conservatives who clearly don’t believe in that promise. Using the misleading label “entitlement reform,” they want to cut benefits, raise the retirement age, and privatize the program. They attempt to break the compact by dividing the generations with the specious argument that any “reforms” wouldn’t affect current retirees, only future ones – who, in reality, won’t need Social Security any less. Don’t worry, we’re only cutting your children and grandchildren’s benefits – not yours!

Source: NCPSSM Blog

Grandmother Praises "Obamacare"

Here We Go Again- GOP Offers Social Security Privatization Legislation

Republican members in the House have introduced legislation which would take your Social Security contributions and give them to Wall Street. For those in Congress who routinely target safety net programs, like Social Security and Medicare, this Social Security plan is the perfect companion legislation for the GOP/Ryan Budget.  Ryan’s CouponCare plan would put insurance companies in charge of seniors’ healthcare while the so-called “SAFE” act would put Wall Street in charge of your retirement savings.

Do you feel safe?

“This Social Security proposal is political opportunism at its worst.  Supporters use the current fiscal crisis–which Social Security has not contributed to in any way– as an opportunity to defund a program many of these members do not support in the first place. The privatization of Social Security does not have support among any age-group or political affiliation once you step outside the Beltway but it remains goal #1 for those who want Wall Street in charge of billions of hard-earned American tax dollars. Max Richtman, NCPSSM Executive Vice President/Acting CEO

These privatization  proposals aren’t about fiscal responsibility because neither will save the federal government money.  The transition costs for converting Social Security into a privatized system would cost trillions of dollars while the GOP/Ryan plan for Medicare adds $13 in waste for every dollar saved. Meanwhile, millions of Americans lose their guaranteed benefits in exchange for a ride on the Wall Street roller coaster and coupons for their healthcare. Let’s not confuse what this debate is really all about because privatization is a political goal not fiscal responsibility.

For so many House Republicans who worked hard last fall (before Election Day of course) to convince American voters they haven’t and weren’t proposing Social Security privatization, this legislation certainly now destroys that claim.  It’s only been six months since the GOP regained control of the House and they’ve wasted no time pushing to privatize both Medicare and Social Security, at a time when millions of Americans are still suffering in an economic crisis these programs did not create.

Source: Entitled to Know - National Committee to Preserve Social Security and Medicare (NCPSSM)