Wake up – save-invest

I don’t think much of the Senior Citizens League. Over the last year they consistently overestimated the 2023 Social Security COLA because they used the wrong measure. They created unrealistic expectations.

More important, their lobbying on the part of seniors is short-sighted and does not consider the costs or consequences for younger Americans. If there is any group of Americans that deserve less of more, it is we seniors. We already consume the largest parts of the federal budget.

Statements from the Senior Citizens League

TSCL supports legislation like the CPI-E Act, the Guaranteed 3% COLA Act, the Seniors’ Security Act, and several other bills that would better protect the purchasing power of Social Security benefits. TSCL also supports legislation that would give beneficiaries a modest boost in benefits to help compensate for years of excessively low COLAs.

Due to high inflation do you support a temporary two-year suspension on the federal taxation of Social Security benefits to help address unexpected bills?

Social Security was never intended to be the only retirement income. All workers have an obligation to prepare for their retirement.


PRESIDENTIAL STATEMENT SIGNING THE SOCIAL SECURITY ACT. AUGUST 14,1935

This social security measure gives at least some protection to thirty millions of our citizens who will reap direct benefits through unemployment compensation, through old-age pensions and through increased services for the protection of children and the prevention of ill health.

One comment

  1. “Social Security was never intended to be the only retirement income. All workers have an obligation to prepare for their retirement.”

    The above is very easy to say, except many low income workers have no ability to save at all. I know plenty of people that are living on just Social Security. Yes, they do get some government assistance, most less than $300 per month. It is very hard to qualify for government assistance if your SS check is above the poverty rate.

    Social Security was never supposed to be a windfall either, but when you look at what the higher paid worker receives in SS benefit, you can see it is skewed to the higher paid worker. Sure the higher paid worker paid more in FICA taxes, but his need in retirement is much less than the lower paid worker.

    I would like to see Social Security changed so that the employers pay in the same amount per worker, and the lower paid worker would see a larger payment and the higher paid worker would see a smaller payment.

    An even better system would pay every retiree the same amount each month.

    Like

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