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The United States federal government has been drawing a lot of criticism as it mulls various budget cuts aimed at Social Security. President Barack Obama’s proposed that cost of living adjustments for Social Security should be reduced. What this means is that seniors will be getting smaller increases in their Social Security payments every year.
This, the President believes, is one viable solution to the looming fiscal crisis. However, many people, especially those who are currently and will soon be receiving Social Security benefits are opposing this idea as they will be badly hit by the said budget cuts. Smaller at first, the difference could grow into hundreds, even thousands of dollars in time. This means a lot of seniors who mostly rely on Social Security benefits to help them get by with their needs every day.
According to reports, close to 40 million retirees, including their dependents receive Social Security benefits. And while the average monthly benefit that each person receives amounts to $1,262, there are some less privileged that get smaller amounts than that.
Kerry Payne of Newburgh, NY on the other hand, gave up her car because the paycheck she has been getting from Social Security couldn’t cover gas and insurance costs. She only receives $1,234 every month that couldn’t even completely cover her expenses. Her deceased husband’s illness before didn’t help as it ate her savings up. For her to survive, she only does her grocery shopping on days when her local supermarket offers discounts. With the prices of everything swaying upwards, Payne believes that every cent of the annual cost of living adjustment counts for people like her.
A Los Angeles long term disability lawyer believes that budget cuts should be the last thing on the government’s minds when managing its finances. According to him, a scheme that would target more financially-capable citizens would be a better approach as people Social Security beneficiaries only depend on it to make both ends meet. He believes that retirees all the help that they need as they have done their share in the past of helping the country move forward.
This, the President believes, is one viable solution to the looming fiscal crisis. However, many people, especially those who are currently and will soon be receiving Social Security benefits are opposing this idea as they will be badly hit by the said budget cuts. Smaller at first, the difference could grow into hundreds, even thousands of dollars in time. This means a lot of seniors who mostly rely on Social Security benefits to help them get by with their needs every day.
According to reports, close to 40 million retirees, including their dependents receive Social Security benefits. And while the average monthly benefit that each person receives amounts to $1,262, there are some less privileged that get smaller amounts than that.
Kerry Payne of Newburgh, NY on the other hand, gave up her car because the paycheck she has been getting from Social Security couldn’t cover gas and insurance costs. She only receives $1,234 every month that couldn’t even completely cover her expenses. Her deceased husband’s illness before didn’t help as it ate her savings up. For her to survive, she only does her grocery shopping on days when her local supermarket offers discounts. With the prices of everything swaying upwards, Payne believes that every cent of the annual cost of living adjustment counts for people like her.
A Los Angeles long term disability lawyer believes that budget cuts should be the last thing on the government’s minds when managing its finances. According to him, a scheme that would target more financially-capable citizens would be a better approach as people Social Security beneficiaries only depend on it to make both ends meet. He believes that retirees all the help that they need as they have done their share in the past of helping the country move forward.
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