12 Facts You Need to Know About Retirement Crisis as Battle Over Social Security Is Far From Over

[xchrom]

http://www.alternet.org/economy/12-facts-you-need-know-about-our-retirement-crisis-battle-over-social-security-far-over



***SNIP

Americans should not confuse a political victory that preserves an inadequate status quo with real reforms that would increase economic security for tens of millions of seniors. Here are a dozen facts about America’s deepening retirement security crisis to keep in mind as the battle unfolds:

1. The numbers of Americans over age 65 are projected to increase from 14 percent of the population to about 21 percent of population by 2035.

2. As of February 2014, there were 63.2 million Social Security recipients, including 41.9 million people over age 65 and over and 14.2 million people with disabilities under 65. Last year, SS benefits kept 21 million Americans out of poverty, including 14 million seniors.

3. In 2012, 42.1 million seniors, as well as 8.5 million people with disabilities, received healthcare through Medicare, the government-run health program for people over age 65. Seniors who receive Medicare pay monthly premiums for the health coverage.

4. Social Security’s old age and survivors’ trust fund had a surplus of $2.54 trillion at the end of 2011, and is solvent through 2033. Contrary to GOP budget hawks who fret about the federal debt but don’t want to pay higher taxes, it is on firm fiscal ground.

5. Most people don’t know that Congress has cut Social Security benefits for the elderly by 24 percent since 1983, by delaying and reducing annual cost-of-living increases. This underscores the central question policymakers keep ducking: how much do elderly retirees who mostly rely on Social Security and Medicare need to live today?

[liberal N proud]

1. Republicans and those who vote for them will not stop until they kill all entitlements.

Somehow they see this as a handout.

[antiquie]

2. "...Obama’s proposed 2015 budget would raise out-of-pocket costs for 50 million seniors..."

Meanwhile, glee over the White House’s reversal eclipses the harsh truth that Obama’s proposed 2015 budget would raise out-of-pocket costs for 50 million seniors—saving the government $60 billion—starting in 2018 by increasing Medicare deductibles, co-pays and premiums, and adding a surcharge if people buy supplemental insurance coverage.

[In_The_Wind]

3. This getting old stuff just plain sucketh.