NRLN Action Alert
Tell Congress to Support Passage of Social Security 2100 Act
Click here to tell your members of Congress to support passage of the Social Security 2100 Act.
The National Retiree Legislative Network’s Legislative Affairs Committee (LAC) and the Legislative Action Planning Committee (LAPC) have done an extensive review of the Social Security bills that have been introduced in the current 116th session of Congress. As a result, the NRLN is supporting H.R. 860 / S. 269, the Social Security 2100 Act. This bill comes the closest to the NRLN’s “Grand Bargain” proposal to make Social Security financially strong for our generation, our children, grandchildren and great grandchildren.
Beginning in 2020, Social Security will pay out more in benefits than it takes in from taxes and interest income. Social Security will deplete its $2.9 trillion reserve fund in 2035, according to the Social Security trustees' annual report issued in April. While the program will not go bankrupt due to payroll taxes, projections are there will only be enough revenue to cover 77% to 79% of benefits.
Congress and a President haven’t acted to preserve Social Security since 1983 when Senators Bob Dole and Patrick Moynihan and President Ronald Reagan are credited for their leadership to avert a financial crisis by raising payroll taxes and slowly raising the eligibility age from 65 to 67 years old. The current retirement age for full benefits is 66.
While the Social Security 2100 Act was first introduced in 2014 and reintroduced in 2017, the difference in 2019 is the House has held four hearings on the bill. With currently 62 million Social Security beneficiaries and 10,000 baby boomers being added daily, the NRLN believes that for Congress to continue to do nothing is not an option.
Passage of the Social Security 2100 Act would:
- Ensure the solvency of the program for the next 75 years, the only bill to do so.
- Change the annual Cost-of-Living Adjustment (COLA) from the current CPI-W index pegged to urban wage earners’ living expenses to CPI-E (Elderly) based on older Americans’ spending patterns, including high medical costs.
- Provide an across-the-board benefit increase equivalent to about 2% of the average Social Security benefit.
- Increase the minimum benefit to ensure that workers with many years of low earnings do not retire under the poverty line.
- Cut federal income taxes on Social Security benefits for about 12 million middle-income Americans and raise the limit for non-Social Security income before benefits begin to be taxed. The new limits would go to $50,000 for individuals and $100,000 for couples, up from the current $25,000 and $32,000.
To pay for the benefits the Social Security 2100 Act would:
Unlike many members of Congress, the NRLN believes that Social Security is not an “entitlement”. The payroll taxes that workers and employers have paid over decades have been an “insurance policy” for funding retirement, disability income and survivor benefits.
- Raise the payroll tax rate starting in 2020 so that by 2043, workers and employers each would pay 7.4% toward Social Security, instead of the 6.2% each worker and employer pays today.
- Impose a payroll tax rate to the current earnings amount above $400,000. While there appears to be a doughnut hole between the current $132,900 taxable limit and the new $400,000 limit, this doughnut hole will shrink annually as under existing law the current maximum earnings amount subject to the payroll tax increases each year.
Social Security benefits have become increasingly important as pensions have disappeared and many Americans have failed to save enough for retirement. The importance of the monthly Social Security check may vary widely among NRLN members. However, for nearly two-thirds of beneficiaries Social Security represents the majority of their income, and for more than one-third, it is the source of more than 90% of their income.
Please take a few minutes to email the NRLN’s sample letter, with your comments added, to your Representative and Senators to say you expect them to be bipartisan in support of the Social Security 2100 Act. Tell them it is important to take action sooner ratherr than latter to preserve Social Security for current and future generations.
Bill Kadereit, President Bob Martina, Vice President – Grassroots
National Retiree Legislative Network National Retiree Legislative Network
Here are the easy steps to follow on this Action Alert:
1. If you have a problem with the link above, then go to https://www.nrln.org/SE.html#/. Under the top Action Alert notice, Support Passage of Social Security 2100 Act, click on "Take Action" then enter your street address and zip code and click "GO". It will present the sample letters for you to email to your U.S. Senators and U.S. Representative. If you have a problem with this link, go to www.nrln.org and click on the red flashing icon "Respond to an Action Alert" near the top of the NRLN website home page. When the Action Alert appears, click on the "Take Action" link. Enter your street address and zip and click "GO" and follow the steps to email the NRLN's sample letters.
2. When you have accessed the sample letters, to the left of the letters are windows to type in your contact information required by members of Congress so they know they are receiving an email from a constituent. If you have sent previous NRLN emails to your members of Congress your contact information may be automatically displayed.
3. Personalize the letters by editing in your own comments.
4. Click on the "Preview" button and the letters addressed to your two Senators and Representative will appear. Their names will be automatically added in the letter's greeting. Check to make sure the letters appear correct and then click "Send".