New social security cuts, if enacted, will be "devastating" for elderly Americans who are heavy users of the Social Security System, says a national seniors' advocacy group. Paul Nathanson of the National Senior Citizens Law Center (NSCLC) released a statement today about proposed social security cuts in response to yesterday's release of the fiscal commission's report.
The NSCLC is concerned that the report's proposed cuts in social security “would land a devastating blow to those older adults who rely on the program for all or most of their income.”
According to the report, more than 50 million Americans receive social security benefits or nearly one in four households. About 70 percent of the benefits go to retired workers and their families; the rest goes to disabled workers and their survivors.
The NSCLC says that of the nearly two-thirds of the elderly who rely on social security for the majority of their income, the hardest hit by the proposed cuts would be minority seniors.
“… the majority of single older Hispanic, Asian American, and African American women rely on social security for 90 percent of their income,” says the statement.
The fiscal commission report calls for a gradual increase in the social security retirement age to 69 and a corresponding increase in the minimum age for early retirement to age 64.
The NSCLC says this is a cut in benefits, “no matter what age a person retires." They calculate that if the normal retirement age is raised to 69, benefits would be approximately 25 percent less than if the retirement age had remained at age 65.
The NSCLC also says future generations will suffer the greatest impact of these proposed social security cuts.
The National Senior Citizens Law Center is a non-profit organization, whose principal mission is to protect the rights of low-income older adults, according to its website.