My level of worry about retirement financing is high.
I left a job of 20 years voluntarily in 2014, ready to “find my bliss.” Within three weeks my father-in-law moved in with us due to his health issues and bliss-finding was put aside. As we adjusted to a new normal of being a one-income family, I chipped away at my 403B until there was very little left.
I am responsible in many ways for the conditions that led to my elevated worry level, but it “is what it is” and I now have to plan for the future. If this chart is reliable, I can expect to live to be 80.8 years old. That’s approximately 30 more years in which I have to find resources to live on.
How Will Social Security Factor In?
I have been working since I was 16 (shout out to Spires IGA, my first official job), and I have been dutifully paying into Social Security ever since. Currently, 9.3 million of my fellow Floridians are paying into Social Security too.
Here in Florida:
The average benefit check is approximately $1,240 per month.
Of those receiving benefits, 27.2% rely on Social Security for 90% or more of their household income and 51.6% rely on it for 50% or more of their income.
While my spouse has State of Florida retirement, I will probably outlive him (he is six years older than me) and need the reassurance that in addition to any residual benefit I get from his retirement, Social Security will still be there for me. Any reduction, especially the 25% reduction that could become a reality unless our Senators and Representatives act, is a problem. Details below:
It’s Not Just About Me
Florida is home to more than 4,114,745 Social Security beneficiaries.
$56 billion comes in to Florida each year for Social Security payments.
Every $1 received generates $2.10 of economic output.
A strong Social Security program benefits the Florida economy as a whole.
Social Security Is Not Prepared for the 21st Century
If our Presidential candidates, Senators, and Representatives do not act, Social Security faces a nearly 25% benefit cut in 2034, as I mentioned above (a bit more detail below also).
Social security needs to be updated for the 21st Century.
AARP’s Take A Stand
AARP has launched Take A Stand, a national campaign to press the presidential candidates to lead on Social Security and give voters real answers about how they’ll keep it strong for future generations. If our leaders don’t act, future retirees could face an automatic benefit cut of nearly 25 percent every year, after 2034 (source: The 2016 Social Security Trustees Report).
If a 25 percent cut went into effect today, it would reduce seniors’ income, push more Floridians into poverty, and reduce money available for basic needs like food, healthcare and utilities.
The Best Places To Do Your Research
Take a Stand, which is nonprofit and nonpartisan, is working hard to help us get educated about each candidate’s position on Social Security.
At the Take a Stand Site you can:
- Research each presidential candidate’s Social Security-related platform
- Explore the Congressional Action Chart
- Watch video clips of candidates addressing Social Security Issues
You can follow Take a Stand on Facebook here and on Twitter here.
We don’t want to be left hanging; it’s up to us to elect the candidates who will advocate to keep Social Security strong, for us and for future generations.
Wife of one, Mom of two, Friend of many. My pronouns are she/her/hers.
Paula, thanks for posting on this topic, which impacts me.
It impacts me too! Learned a lot from the experience of researching for this post.