Many are wondering whether President Obama will address Social Security in his State of the Union address. People are expecting that the president will call for a fiscally moderate path forward.
With many expecting President Obama to endorse a fiscally moderate path forward in his State of the Union address next week – and perhaps call for changes to Social Security in the process — progressives are urging the president to protect entitlement programs.
The cause of liberal concern is clear: Since Republicans won back the House of Representatives in the 2010 elections, Mr. Obama has signaled he will embrace more moderate-to-conservative ideas in his next two years in office. Recent polls suggest voters may be responding positively to that message. And as the White House well knows, Mr. Obama could help undermine any potential 2012 competitors by embracing more conservative fiscal policies.
Along those lines, the president could endorse modifications to the Social Security program in his State of the Union address, particularly given that his bipartisan deficit commission endorsed the idea in its… continue reading
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Baby boomers have to face a longer working life, as the age for collecting social security is 66. There are even new proposals to fix the federal deficit that would increase the age to collect full benefits to 69.
The average Social Security retirement payment is just $1,170 a month. But for those who need it, it’s vital: For 20% of married retirees and 40% of single retirees, Social Security is 90% or more of their income.
The argument for increasing the retirement age comes down to longer life expectancy. Better nutrition and medical care have extended lifespans well beyond what they were in 1950. And the longer people live, the longer Social Security and other retirement plans will have to pay benefits.
In 1950, a typical 65-year-old lived an average of 13 more years. A typical man who turns 65 next year can expect to live another 18 years, according to the American Academy of… continue reading
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