AARP: 78th Anniversary of Social Security
On the eve of the 78th anniversary of the creation of Social Security, which provides an average monthly retirement benefit of $1,175 to 66,999 Wyoming residents, it continues to be a target by forces in Washington D.C. looking for quick cuts for deficit reduction.
AARP Executive Vice President Nancy LeaMond said “declining pensions, inadequate savings, shrinking home values, and a difficult job market mean that the promise of Social Security will become increasingly important as today’s workers approach retirement.”
LeaMnond said the cuts Congress and the President suggest to Social Security would take an estimated $127 billion out of the pockets of current and future retirees in the next 10 years alone. And 3.2 million disabled veterans and another 2 million military retirees would see their benefits cut if chained CPI is adopted. Permanently disabled veterans who started receiving disability benefits at age 30 would see their benefits cut by more than $1,400 a year at age 45, $2,300 a year at age 55 and $3,200 a year at age 65.
LeaMond said “Social Security is too important to rush changes like the chained CPI, or increasing the eligibility age, into a budget deal.” AARP is calling for a separate debate about responsible solutions that will ensure Social Security’s strength for current and future generations.