FCAN has fought many battles to keep Social Security strong for Floridians and it looks like we’re not done yet. Many seniors rely on Social Security as their only income. Our friends at Strengthen Social Security have published a fact sheet on the Chained CPI Social Security Cut currently being proposed in Washington.
Their main points:
Some politicians in Washington are preparing to cut your Social Security COLA for good – even after two years without a cost of living adjustment. This COLA cut has an obscure name – the
chained CPI – but it would do real damage by changing the formula used to calculate the COLA. The important thing to know is that this change would cut the benefits of all beneficiaries, including current retirees, disabled workers, and others – even after politicians promised repeatedly that any changes to Social Security would not affect current beneficiaries. The COLA cut is a real threat to the financial security of every American who does currently or will rely on Social Security.
The average earner retiring at age 65 would get a $658 cut each year at age 75, and a $1,147 cut by age 85. By age 95, when Social Security benefits are typically needed most, that person faces a
staggering 9.2 percent cut. What is far more severe is the cumulative effect of the COLA cut as it compounds over time. The average earner retiring at age 65 would get a cumulative cut of $4,642 at age 75, $13,921 at age 85, and $28,015 at age 95.
`Source: Social Security Administration
Stop The Social Security Cuts TODAY!
Call your Senators and Representatives today and let them know they should increase Social Security, not cut it.
Senator Bill Nelson 202-224-5274
Senator Marco Rubio 202-224-3041
Look up your Representative or call the House switchboard at