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Alliance for Retired Americans Friday Alert, May 17, 2013
Sen. Tom Harkin (D-IA) recently introduced the Strengthen Social Security Act, S.567. Instead of offering a cold, calculated benefit cut like the chained CPI, this bill would actually increase Social Security Cost of Living Adjustments (COLA’s) by an average of…
Gen X to be worse off than Boomers in retirement, study finds
If they don’t start paying off debt and saving more, Gen Xers (those between the ages of 38 and 47) and younger Boomers (those in their late 40s to mid-50s) are on track to retire financially worse off than the…
Retirement Age Rises Sharply to 61 Years Old
The erosion of savings, the collapse of the stock market four years ago and home price dips have pressed the retirement age upward. The trend is likely to mean older Americans will work longer, which could rob young people of job options. Read…
Spending and Saving Suffer with Expiration of Payroll Tax Cut
Expiration of payroll tax cut will lead to reduction in spending and slowdown in paydown of consumer debt: Survey A significant majority of Americans plan to cut spending in the wake of the expiration of the payroll tax cut, a…
Al Franken and Elizabeth Warren join fight against chained CPI
Sens. Elizabeth Warren and Al Franken added their very strong and very progressive voices to the fight to stop the chained CPI, and any cuts to Social Security, in a summit this week organized by Social Security Works. Along with…
Toomey to Press For Bigger Debt Limit Prioritization Plan in Senate
Sen. Patrick J. Toomey, maintaining a Republican drumbeat for payment “prioritization” in case of a debt limit stalemate, plans to push for a broader version of the House-passed plan to protect holders of Treasury bonds and Social Security beneficiaries. The Pennsylvania Republican…
Not All Social Security Advice Is Good Advice
Recently a financial planner sent me a Social Security plan based on a program (I’ll call it program X to protect the not-so-innocent) that he had licensed. The plan was for 60-year-old George and 56-year-old Mary Bailey. The planner asked…
Senator Sanders Demands That The Rich Pay Their Fair Share Of Social Security
The Social Security fight has taken a new turn. Senator Sanders is demanding that the rich and corporations pay their fair share in taxes, both to close the small gap for Social Security and to address the government’s need for…
House passes bill to prioritize US payments to bondholders and Social Security recipients
The GOP-controlled House voted Thursday to put U.S. bondholders and people on Social Security at the front of the line to be paid if the government hits its borrowing limit.The move comes as Republicans are grappling with the hot-potato issue…
Fix the Debt Flashmob Participants Oppose Social Security Cuts
Fix the Debt did a dance flash mob in Farragut Square in downtown Washington, D.C., around noon on Friday. Two participants expressed concern about the debt, but did not want to cut Social Security. Read more…