Retirement and social security can bring confusion to anyone. Add in the new social security budget proposed by President Obama, and it can send you running for cover. www.democracyforamerica.com ha...
s created an infographic detailing how this new budget affects seniors, and how lawmakers and citizens are uniting to change it.
Unfortunately, retirement is not as secure as people believe. In fact, 67% of individuals won’t be able to afford their standard of living once they retire-including health and long term care. Nearly 2/3 of individuals rely on social security for 23% of their income, and 36% of seniors say that social security makes up 90% of their income. With those numbers, it’s important to see how the new budget, proposed by President Obama, would affect those looking to retire. This proposed budget creates a new consumer price index (CPI) that helps track inflation, along with cost of living adjustments. President Obama’s budget adopts a chained CPI, which doesn’t take into consideration costs such as food or medication. It also assumes that people will automatically purchase cheap substitutes for commonly consumed items.
The average worker retiring last year at the age of 65 received $17,520. With chained CPI, the individuals would receive $1,139 less. By age 95, they would see $1,612 less. Chained CPI will ending up costing seniors $28,015 by age 95.
There are two bills in congress, supported by www.democracyforamerica.com, that expand social security. These bills introduce a new CPI called CPI-E, which more accurately reflects the cost of living, and increases as age rises. These bills also scrap the cap-forcing the rich to contribute the same share of their income to social security as the rest of the United States.
Voters across America are uniting to support these simple, safe solutions to safeguard social security. Please join us! Help spread the word by liking, sharing, and commenting on this infographic from www.democracyforamerica.com!
Brought to you by Ghergich & Co. (http//ghergich.com) in partnership with Democracy for America (www.democracyforamerica.com)
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