Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 02-21-2021, 07:20 AM   #101
Thinks s/he gets paid by the post
 
Join Date: Jan 2017
Posts: 1,590
By all means, keep us posted and let us know if there's anything we can do.

The way I read it, R's would face a strong backlash for doing anything that smacks of bipartisanship. I don't know how we'd break that barrier. Especially if the D's load the bill up with unrelated stuff. Too bad they can't all look out for their constituents, instead of their parties.
CaptTom is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-21-2021, 06:30 PM   #102
Full time employment: Posting here.
Focus's Avatar
 
Join Date: Oct 2009
Posts: 601
Quote:
Originally Posted by ERObjd View Post
I will be writing to my rep on Monday yes as luck would have it I was born in 1960.
Good luck with that. I wrote my two senators and representative, and I linked to specifics. Only two got back to me with long boilerplate responses along the lines of "I'm a big supporter of Social Security." When I tried to get them to respond to the issue at hand, crickets.
__________________
-
"Wealth consists not in having great possessions, but in having few wants."
--Epictetus
Focus is offline   Reply With Quote
Old 02-24-2021, 05:11 PM   #103
Recycles dryer sheets
 
Join Date: May 2015
Location: Someplace Warm
Posts: 217
When this topic first came up on this forum, I followed the suggestion to contact my senators and representatives, and took the liberty of pleading the case both in my northern and my southern state. Today, many months later when I had already given up on hearing from anyone, I got the following email:
Quote:
Dear [...],
Thank you for contacting me about the impact of the pandemic on the Social Security benefits of people who turned 60 in 2020. I agree with you that we must protect Social Security, one of America’s most successful programs, for those receiving it now and in the future.
As a result of the COVID-19 pandemic, the Average Wage Index (AWI) will most likely decrease for 2020, which will lower lifetime Social Security benefits for the more than 4 million retired workers who turned 60 in 2020.
I strongly support the Protecting Benefits for Retirees Act, which would instruct the Social Security Administration to calculate benefits with a flat AWI if the AWI measurement would otherwise be less than the preceding year.
I am committed to protecting Social Security, which is why I am a member of both the Expand Social Security and the Senate Defending Social Security Caucuses. As member of the Senate Finance Committee, I will continue to fight to ensure fair benefits and protect retirement security of all Americans.
Thank you again for contacting me. Please continue to keep me informed about issues of importance to you and your family.
Sincerely,

Debbie Stabenow
United States Senator

Looking up the name of the Senate act, the "Protecting Benefits for Retirees Act", which is S.4180 introduced during the last congress, I found this link where one may be able to follow its progress, for what it's worth: https://www.congress.gov/bill/116th-congress/senate-bill/4180 Looking in the list of co-sponsors, one finds Sen. Cassidy, Bill [R-LA]*, so this may be a sign for fledgling bi-partisan support.
Leo1277 is online now   Reply With Quote
Old 02-24-2021, 06:09 PM   #104
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 7,623
Quote:
Originally Posted by Leo1277 View Post
When this topic first came up on this forum, I followed the suggestion to contact my senators and representatives, and took the liberty of pleading the case both in my northern and my southern state. Today, many months later when I had already given up on hearing from anyone, I got the following email:

Looking up the name of the Senate act, the "Protecting Benefits for Retirees Act", which is S.4180 introduced during the last congress, I found this link where one may be able to follow its progress, for what it's worth: https://www.congress.gov/bill/116th-congress/senate-bill/4180 Looking in the list of co-sponsors, one finds Sen. Cassidy, Bill [R-LA]*, so this may be a sign for fledgling bi-partisan support.
So we would go from a current estimate of -0.5 to a flat zero. Somewhat better, although less than the typical 2+% increase.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 02-24-2021, 07:28 PM   #105
Recycles dryer sheets
 
Join Date: May 2015
Location: Someplace Warm
Posts: 217
Quote:
Originally Posted by Dtail View Post
So we would go from a current estimate of -0.5 to a flat zero. Somewhat better, although less than the typical 2+% increase.
I have not seen the detailed figures of this estimate of -0.5% that has been mentioned, but if you just look at the numbers of people actually on payroll after Covid started versus before, and that many of those who kept their employment got salary and wage cuts, that drop in AWI appears to be much larger than that. About the actual bill, I would still think the sensible thing would be to tie the minimum AWI increase to some CPI, for example just to what's used for the annual social security increases. Oh well.
Leo1277 is online now   Reply With Quote
Old 02-24-2021, 07:45 PM   #106
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 7,623
Quote:
Originally Posted by Leo1277 View Post
I have not seen the detailed figures of this estimate of -0.5% that has been mentioned, but if you just look at the numbers of people actually on payroll after Covid started versus before, and that many of those who kept their employment got salary and wage cuts, that drop in AWI appears to be much larger than that. About the actual bill, I would still think the sensible thing would be to tie the minimum AWI increase to some CPI, for example just to what's used for the annual social security increases. Oh well.
That is a logical substitute.
__________________
TGIM
Dtail is offline   Reply With Quote
Old Today, 12:32 AM   #107
Dryer sheet aficionado
 
Join Date: Feb 2014
Posts: 41
While CPI might be a logical substitute, the no downward adjustment seems to be much more likely. Of course, CPI is still used to adjust the annual payment amounts. The other systemic fix would be to use an average of say the highest 3 years AWI.
Iíve been told that the actual AWI wonít be released until October. Iím trying to find some independent economists who might have an estimate of it. Please let me know if you have any economist friends who might be able to address this. Remember this affects lifetime income for 4 million of us.
rrppve is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 9 (2 members and 7 guests)
CaptTom, Winemaker
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Corona Government program 1960 Lakewood90712 COVID-19 | Containment Area 0 03-24-2020 04:58 PM
Fed cut 0.25% ... do you expect high-CD rates to go down? cyber888 Stock Picking and Market Strategy 11 08-04-2019 06:48 AM
Lower Social Security Checks for 1947-Born Retirees Nova FIRE and Money 17 05-29-2010 06:46 PM
Social Security Cuts- What do you expect? bizlady Other topics 32 07-14-2009 12:21 PM
Social Security Benefits Cut For Early Retirees Michael Other topics 12 01-05-2005 01:45 PM

» Quick Links

 
All times are GMT -6. The time now is 07:40 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.