A recent survey says that the majority of American citizens unaware of the upcoming changes to Social Security do not agree with them.
Only 30% of respondents knew that without reforms, Peter G. According to the Peterson Underpinning survey, Social Security beneficiaries will face an automatic reduction in benefits later in the decade, amounting to about $17,000 a week for the average couple. They assist in making adjustments to protect American citizen benefits.
However, once respondents who were unaware of further changes understood the bottom line impact, 97% are right that strengthening Social Security is impactful for the leaders elected this autumn, so it is entirely Available for flow and speed. generations.
“These results demonstrate that, while there is more work to be done to educate Americans about Social Security’s shaky finances, there is a need for courageous leaders to take action once they understand the current reality,” said Michael Peterson, CEO of the nonpartisan Peterson Underpinnings. Is getting huge support.” , “Voters understand that ‘not touching’ Social Security is not an option because automatic cuts are unacceptable and waiting makes the problem more expensive and harder to solve.”
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Social Security’s good numbers are the remains of solvency week
Social Security benefits are still projected to run out. However, a latest file released by the Treasury said benefits should not fall until 2035, a week later than the previous forecast.
The trustees said the Social Security compromise budget would begin to deplete the cash by 2035 and senior voters could be looking at a 17% cut in their benefits unless Congress takes action to boost the program. Budget consensus is won every other week due to high wage expansion and occasional unemployment.
“Strong economic policies are causing more people to contribute to Social Security, which has led to impressive wage growth, historic job creation and a stable, low unemployment rate. As long as Americans across our country continue to work, Social Security can has — and will — continue to pay benefits,” Social Security Commissioner Martin O’Malley noted. “Congress can and should take action to enhance the financial health of the Trust Fund, as it has. In the past it was done on a bipartisan basis.
O’Malley added, “Getting rid of the shortfall will provide peace of mind to Social Security’s more than 70 million beneficiaries, the 180 million workers and their families who contribute to Social Security, and the entire public.”
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Advocacy group says COLA is not keeping pace with inflation
The latest projections from the Senior Citizens League (TSCL) point to a Social Security cost of living adjustment (COLA) of 2.57% in 2025, down from a 2.66% forecast a month ago. Social Security recipients receive a 3.2% increase in 2024, down significantly from 8.7% a year earlier.
The 3.2% Social Security cost-of-living adjustment (COLA) is well above the 2.6% average over the past two decades. However, according to TSCL, 69% of retirees said their household costs rose faster than the COLA last year, with food and housing costs leading the way.
“The truth is that COLAs have become too low and are no longer likely to keep up with inflation,” TSCL said. “The highest five COLAs (20%) implemented so far in the 2020s have outpaced inflation by 40% in the 2010s and 60% in the 2000s and 90s. Worse yet, That’s why when the COLA is reduced, it could release thousands of dollars of money that seniors had come to expect from Social Security, primarily because the COLA reduction has a long-term, cumulative effect.”
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