Our groundbreaking piece of legislation guarantees essential rights to senior citizens that help ensure their financial security.
Last week, we dove into the first right of the bill. This week, we will take a closer look at the second right which guarantees Social Security benefits will not be taxed as income.
How does this help seniors?
The average retiree household spends about $50,220 a year according to MoneyTalksNews.
Why is this a problem? With Social Security benefits averaging at $18,170 a year; something doesn’t add up, there is no room for extra expenses like debt payments or prescription costs.
Because of this, many seniors have chosen to continue working after retirement. What many are not aware of, however, is that anyone who earns more than the declared income threshold will have up to 85% of their benefits taxed as income.
However, the allowable income does not match a comfortable living for senior citizens, especially when they are being asked to take on more individual financial responsibility than ever before.
Forbes reports the percentage of senior citizen households holding debt has been increasing, along with the amount of debt owed. According to the article, a previous study performed by the Congressional Research Service reported a 23% increase in senior citizens holding debt. Additionally, the report mentions that the amount of debt held by seniors went up to about $23,500.
Although this report does not reflect the current debt senior citizens hold, it helps illustrate a point– senior citizens these days have more expenses and therefore require more money to pay for them. They’ve already earned that money through years of hard work.
Help Create Change
Many seniors rely on Social Security benefits to live securely. This often means living with some uncertainties as the politicians in Washington continue to debate about Social Security’s future.
However, senior citizens deserve financial security. That is why we call on Congress to pass The Senior Citizens Bill of Rights.
This legislation has seven rights that help guarantee a more financially secure future for all senior citizens. Help us urge the politicians in Congress to pass this urgent bill by signing our petition.
