Every dollar of the average Social Security retirement benefit of about $14,800 is absolutely critical

Every dollar of the average Social Security retirement benefit of about $14,800 is absolutely critical

Posted By: RumorMail [Send E-Mail]
Date: Thursday, 20-Dec-2012 00:28:53

In Response To: Social Security Cut of $130 Per Year Seen in Cliff Proposal (RumorMail)

AND "Social Security is currently the principal source of income for nearly two-thirds of older American households, and roughly one third of those households depend on Social Security for nearly all of their income. Half of those 65 and older have annual incomes below $18,500. Every dollar of the average Social Security retirement benefit of about $14,800 is absolutely critical to the typical beneficiary. "The Chained CPI is a stealth benefit reduction that will compound over time and cut thousands of dollars in retirement income for current beneficiaries. A typical 80-year-old woman will lose the equivalent of 3 months worth of food annually. The greatest impact of Chained CPI would fall on the oldest, eventually resulting in a cut of one full month's benefit annually. This dramatic benefit cut would push thousands more into poverty and result in increased economic hardship for those trying desperately to keep up with rising prices." http://www.heraldonline.com/2012/12/18/4494295/aarp-to-congress-and-the-president.html#storylink=cpy#storylink=cpy