A Quote by Mike Quigley
Without Social Security benefits, more than 40 percent of Americans 65 years and older would live below the federal poverty line. Even more striking is that Social Security is the only source of retirement income for almost a quarter of elderly beneficiaries.
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However, the Administration's plan to privatize Social Security will undermine retirement security for all Americans by cutting guaranteed benefits by more than 40 percent, and risky private accounts won't make up for the loss of benefits for millions of Americans.
Social Security is the foundation stone of that kind of retirement security. It not only needs to be strengthened in order to make sure it's there for younger baby boomers and Generations X and Y, but it probably needs to be strengthened and expanded because the retirement benefits now being offered by most employers are not sufficient to support middle-income Americans in their long years of retirement.
In fact, Social Security is the only source of income nationwide for 29 percent of unmarried elderly women.
There are many commitments I have made for reducing poverty. One is to reform social security. Social security reaches only 44 percent of Mexicans. One of my goals is to give social security to all the people.
It has to have a payroll tax that's dedicated to Social Security. The Social Security tax has been very successful over the years in raising almost all of our elderly citizens out of poverty.
The debate over Social Security should not be about how much we can cut from the program in order to balance the federal budget. The debate over Social Security should not be about raising the retirement age or limiting benefits. The debate over Social Security should be about retirement security.
When the average Social Security benefit is $1328 a month, and more than one-third of our senior citizens rely on Social Security for Virtually all of their income, our job is to expand benefits, not cut them.
Millions of Americans have paid into social security and deserve their full benefits. Pure and simple, Republicans are manufacturing a social security crisis that does not exist in order to dismantle social security.
Currently, more than 4.7 million African Americans receive Social Security benefits, and nearly 8 million people with disabilities depend on Social Security for their daily sustenance.
On the other end of the spectrum, these women who do live long enough to collect Social Security face the challenge of being disproportionately dependent on the Social Security system for retirement income.
Americans should be able to enjoy a secure retirement after a lifetime of hard work. But too many Americans reach retirement without enough savings to supplement their Social Security benefits.
Even the Congressional Budget Office and the Social Security trustees appointed by the president say that Social Security is financially sound, without any changes for the next 40 to 50 years.
Let me be clear, the discussions about Social Security are not about the retirement security of those Americans who are 55 or older - the Social Security system for those folks 55 and over will not change in any way shape of form - no ifs, ands, or buts.
My financial adviser Ric Edelman...thinks the time to start educating people about money is when they are children. He's set up a retirement plan called the RIC-E-Trust that can provide retirement security. A $5,000 one-time tax-deferred investment at birth, with an average interest rate of ten percent compounded, means that a child would have $2.4 million when he or she is 65 years old. Who needs Social Security with that kind of nest egg?
Social Security not only helps Americans enjoy a secure retirement, it has also kept millions of Americans out of poverty.
Germany, I think, was first to substitute a Social Security program for its elderly based on this premise, that is, that we would tax workers to pay retirement benefits for those retired.
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