Increasing the federal minimum wage to $15 an hour has been a hot button issue recently. According to the Motley Fool, the potential effects of an increased minimum wage on Social Security are unclear.
Since workers and employers pay a percentage of earnings to Social Security, this increase to minimum wage could also increase Social Security’s revenue.
On the other hand, the Motley Fool reports that a minimum wage increase could have negative on Social Security further down the line. Those workers with increased minimum wages could be eligible for larger monthly benefits in the future, putting further strain on a system which is already stretched thin.
Regardless of the decision on increasing minimum wage, a solution to Social Security’s predicament needs to be found. However, this solution must not decrease the benefit amounts senior citizens receive every month.
That is why we are asking the politicians in Congress to pass The Senior Citizens Bill of Rights. For more information on how you can help, go here.