Those who have started taking Social Security since 2000 have lost a third of their purchasing power, pushing many into poverty
The latest survey from the Senior Citizens League (SCL) revealed that Social Security, the welfare program originally designed to help workers in their old age, is instead slowly impoverishing them:
Over the past 18 years, Social Security benefits have lost 34 percent of their buying power, according to the findings of this study.
Many of the goods and services purchased by typical retirees increased several times faster than annual Social Security cost of living adjustments (COLAs) from January 2000 through January 2018.
As The New American recently pointed out, for three out of every five of the more than 60 million Americans receiving Social Security, that monthly check represents half or more of their total monthly income. Because many have not planned for the future, or been able to, by the time workers start receiving their benefits, four out of 10 will be living at or near the poverty level.
There have been previous attempts to “adjust” the purchasing power of those checks including using cost-of-living-adjustments or COLAs. For 2019 those 62 million Social Security recipients will see their checks increase by 2.8 percent.
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11 comments:
WOW, I can't believe the HUGE increase we will be getting this year!!! Our Secondary Insurance and Prescription Drug Coverage will eat that up...Isn't that special. In other words we have FALLEN WAY BACK in purchasing power. Yet we give away billions to ILLEGALS and Foreign Countries who hate us. Go Figure.
Sad that our government is screwing over the people who work to keep our government functioning.
Time to quit taxing hard workers.
Correction:
The US Dollar has lost 99% of its purchasing power since 1913.
This is evil folks. Wake up
I don't care for the term "welfare program" when it was mandatory that I contributed to this program for over 50 years. I guess it refers to those that benefit from it and haven't contributed. (illegals/fraudulent participants).
Who really cares!! There's nothing you or I can do about it. I'm just thankful that I've been able to get the money I've paid into it in my lifetime. I really feel sorry for all the people that are forced to pay into social security all their lives only to receive a big fat zero when they go to collect. America is a country of gullible suckers
My secondary insurance from my former employer has not increased this year and Medicare has only increased to about $1.50. I will see an increase in my SS.
Comparing the average U.S. worker's wage of 50 years ago and today's average wage to cost of living and worth of the dollar in both periods, the news is not good.
I filed for disability over 2 years ago. Still waiting for a hearing with a judge. How do we let illegal aliens in this country and give them EVERYTHING and yet the citizens of this country who have worked here all their lives, I am almost 60, have to wait over 2-3 years for a disability determination.
I have a well-documented illness, having been to the same specialists for the past 10-15 years. They all sent in their evaluations and yet it has been one stall tactic after another. I even worked part-time with the illness for several years after having to stop working full-time. But now I simply cannot work. And do I get any other type of help? No, because I own my home. I don't qualify for any other type of assistance unless I sell my home and have to rely on paying sky high rents that I can't afford as I have no income.
But let someone into this country illegaly and they hand them the keys to the city. Is it any wonder I agree with President Trump.
11:34 I know exactly what you are talking about. My son had to wait several years to get a hearing with a judge, then it was done by closed circuit television at the Social Security office. He was approved but it was not instantly. Do you have an attorney? He had to finally get one, who didn;t really do anything. We had to do all the leg work, but I think it does help when you go to the hearing. If you aren't approved, they don;t get any fee. Good luck to you!
Agree. You had no choice when you were receiving a paycheck. Social security was deducted and so was Medicare. If the Government wants to return my 40 years paying into it that would make me happy. Social security was never meant to be your sole source of income when you retired. Savings and investments are needed. At least 10 percent of your pay check into savings.
I agree. You delay for disability is probably due to the number of fake disability cases filed. Some people claim disability because they are fat. You can see why the system is slow. Get a lawyer and you will be receiving those checks soon. Works every time
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