Social Security Assistance For Seniors

Social Security Assistance For Seniors - No single statement is more fundamental to the impasse caused by the debate over Social Security reform. This measure of income benefit effectively ends much of the discussion of reform initiatives for programs that rely on cuts because virtually any cut is seen as onerous for the elderly.

The Social Security Administration has produced this type of information in various forms for decades, and the results have long been questioned by critics. In fact, the SSA has released research that contradicts even these findings.

Social Security Assistance For Seniors

The debate over the accuracy of this statement is mostly within baseball, depending on the meaning of the words and how the data is collected. Critics question whether the concept of "cash income" — a calculation used by the Social Security Administration — measures retirees' resources when it excludes non-cash financial assistance such as retirement distributions, capital gains and welfare payments. Consequently, using "income" and "cash income" interchangeably would make seniors poorer and Social Security benefits more important.

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Lost in the debate about how to measure the importance of Social Security today are perhaps the two most important facts that everyone accepts. First, Social Security will be more important to retirees in the future because older seniors rely on it more than younger seniors. Second, America is aging through the system as the Boomers age.

We can debate the extent of dependency that exists today, but the survey clearly shows how the importance of social security increases with age. Today, 25% of retirees under age 70 collect more than 90% of their cash income from Social Security. That level of dependency rises to less than 30% over 75 and reaches 35% for those under 80. For people over age 80, Social Security dependents' share increases to more than 90% of their cash income. 42%. For those who live to around 85, there is no breakout, but it is safe to assume that dependency continues to increase.

Then consider that one in four 65-year-olds today will live past 90, and one in 10 will live past 95, according to the Social Security Administration.

The relationship between age and dependency is not too difficult to understand. Many seniors still have work opportunities in their first few years of retirement. Many people enjoy the professional outlet of part-time work. For most people, these preferences diminish over time. As people reach their 80s, many have lost the ability to generate income.

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Moreover, the second and third legs of the "retirement stool" wear out over time. Most retirees use personal savings to bridge the gap between Social Security and their actual living expenses. Furthermore, many of those fortunate enough to receive pensions from the private sector have no protection against inflation. In these situations, living to advanced years will wipe out that payment. For example, a pension check for someone who retired in 1990 has half the purchasing power it initially provided.

When you combine this reality with the program's long-term finances, the need for lawmakers to consider reforming Social Security takes on a new level of urgency. Under current funding and benefit rules, Social Security is projected to run out of surplus in 2034, and Congress may be forced to cut benefits. At that time, the youngest baby boomers will be 70 and those born before 1950 will be 85 or older.

The importance of social security was used by senior activists to prevent any action on the programme. They argue that declining benefit levels indicate that the country is throwing grandma under the bus. The reality is that our inaction on program money means we are throwing future grandmothers under the big bus.

"We're going downhill very quickly unless employers start offering this important benefit to their workers," says Suze Orman.

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This website uses cookies. By continuing to use this website you consent to the use of cookies. Visit our Privacy and Cookie Policy. For the 70 million Americans who receive Social Security, experts say the significant increase in benefits expected for 2023 is expected and very welcome.

Social Security recipients, most of whom are over age 65, have seen their payments increase every year for more than four decades to keep up with rising costs. When inflation is low — as it has been for the past decade or so — those cost-of-living adjustments, or COLAs, are fairly light. But last year the increase was huge and this year it is even bigger.

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To offset the rising costs of food, housing, health care and other essentials, the Social Security Administration announced Thursday that beneficiaries will receive an 8.7-percent increase in their monthly payments. In a sign that the Federal Reserve's efforts to curb the high rate of inflation have not yet worked, the Bureau of Labor Statistics also released its consumer price index for September on Thursday, showing that prices rose 8.2 percent from last year.

The 8.7 percent increase in Social Security payments for 2023 would be the largest jump in more than 40 years. Graphic by Jenna Cohen and Megan McGrew.

The COLA for 2023 is the largest increase since 1981 - when inflation was higher.

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