While Social Security benefits have decreased 25% since 1983 — and with many in Washington seeking further cuts to balance the budget — there is a group that is advocating for increased benefits. That group, “Strengthening Social Security,” met in Washington last week. The meeting featured progressive economists, policy experts, labor leaders and politicians, including Sen. Tom Harkin (D-Iowa) calling for increasing benefits.
Those who have not saved enough for retirement or are not covered by a DB or DC plan (a very high percentage, according to various research) will have to rely primarily on Social Security. But benefits have been cut and steps have been taken to incentivize people to delay taking benefits. While younger workers are concerned that Social Security will not even be around when they retire, the pooled system offers benefits that individuals can’t afford, especially in the distribution phase of retirement. So while politicians struggle to balance the budget with Social Security cuts on the menu, this new group is advocating for strengthening one of the three legs on the retirement stool.
