Millions of Americans who are either senior, disabled or survivors of a deceased worker, and rely on social security benefits for the majority of their income, but the average benefit of just over $1,500 a month doesn’t provide enough income to cover basic necessities. Its benefits are extremely low by virtually any way you measure them.
Approximately 65 million Americans receive a monthly social security benefit, with the majority of payments going to retired workers and their dependents and the US population at the retirement age of 65 is expected to grow from 56 million to 78 million in 2035. Senior citizens and disabled Americans who rely on benefits for the majority of their income are pushing for expansion of social security. Calls for reforms include increasing benefits in line with the cost of living, as employers are providing fewer retirement pensions to workers.
“The nation is really facing a retirement income crisis, where too many people aren’t going to be able to retire and maintain savings to live on,” said Nancy Altman, president of Social Security Works, an advocacy organization for expanding the program. Altman argued an expansion of the program is long overdue, noting that payouts haven’t increased since 1972.
Nearly 10 million disabled Americans and their dependents rely on social security benefits for their income. The majority of applicants for social security disability benefits are denied, with only 20-25% of applicants awarded benefits from their initial claims.
Currently, social security benefits in the US are lower than in the majority of developed nations, compared with the percentage of earnings the benefits provide to the average worker. The benefits are also taxable and Medicare costs are deducted as well.
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