Among seniors, Social Security is the sole source of income for 26 percent of nonmarried women.
quote by Diane Watson
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In fact, Social Security is the only source of income nationwide for 29 percent of unmarried elderly women.
quote by Ginny B. Waite
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Social Security, for example - I'm 43. I've paid into the system. You know what? That money has been stolen from me. I know that my parents who are on Social Security - they've got to continue to receive it. They're dependent on it. It is their primary source of income.
quote by Joe Miller
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On the other end of the spectrum, these women who do live long enough to collect Social Security face the challenge of being disproportionately dependent on the Social Security system for retirement income.
quote by Ginny B. Waite
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The 1993 Social Security tax penalizes seniors who have planned for their retirement through savings, investment and hard work. That's wrong, and that's why the double tax on Social Security must end.
quote by Rob Simmons
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There's been a lot said about Social Security reform. What has been left out of the debate is the double tax on Social Security benefits. I believe it's time to get rid of a tax that punishes seniors and discourages work and retirement savings.
quote by Rob Simmons
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In order to fix Social Security, we must restructure it so that we continue to provide for our Nation's seniors that are approaching retirement age, but allow for younger taxpayers to invest a portion of their Social Security taxes in private accounts.
quote by Herman Cain
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Women would be disproportionately affected by the privatization of social security. It is one of the most important safety nets for American women in old age, or in times of disability, to insure financial income for their families.
quote by Barbara Mikulski
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Right now, too many women who reach retirement age find themselves widowed or single, relying on their Social Security check for over half of their income.
quote by Judy Biggert
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One poll shows that by 61 percent to 29 percent Americans under 40 say that Social Security needs to be fixed.
quote by Virginia Foxx
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Since Social Security was established by President Franklin D. Roosevelt in 1935 to ensure economic security for American workers, poverty among American seniors has dramatically declined.
quote by Steve Israel
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Social Security makes up a much larger share of total retirement income for unmarried women and minorities than it does for married couples, unmarried men and whites.
quote by Diane Watson
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I know of no serious proposals that would change the way Social Security operates for today's seniors.
quote by Mac Thornberry
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I have the highest number of Social Security recipients of any Member of Congress, and it is always good to hear about how women in their districts are affected by any changes, by the need for changes in Social Security.
quote by Ginny B. Waite
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Without Social Security, poverty rates for African American seniors would more than double.
quote by Chaka Fattah
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More than 70 percent of seniors are asking for more time. It is long overdue for Congress to listen and make sure that seniors have a prescription drug plan that works for them.
quote by Dan Lipinski
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Social Insecurity
Strapped Seniors use credit cards ‘stead of cash
To stay afloat, after losing their stocks n’ bonds
Yet more victims of another Wall Street crash
“Let them eat cake” is what the Fed responds
ROTMS
From Reuters Article 10/23/2010
Retired and broke: Why retirees are declaring bankruptcy
For more and more seniors, retirement doesn’t mean a debt-free life of leisure. An increasing number of Americans aged 65 and older are declaring bankruptcy, according to a recent study by John Pottow, professor of law at the University of Michigan Law School.
Those aged 65 and older represented seven percent of bankruptcy filers in 2007, a mind-boggling jump from 1991. They are the “fastest-growing age demographic, ” according to Pottow’s study.
What’s the culprit for so much debt? Credit cards. Two-thirds of Americans who filed for bankruptcy said credit cards were the key reason for their financial problems, according to Pottow’s research. Besides having more credit card debt compared with younger bankruptcy filers,44.8 percent of those aged 65 and older also had more plastic in their wallets. “They’re using credit cards as a maladaptive coping mechanism, ” Pottow says.
Stephanie Osterland, a supervisor in the bankruptcy department at GreenPath debt solutions, sees an increasing number of seniors living beyond their means. Says Osterland: “They’re just trying to live off of a fixed income, and that’s usually Social Security. Maybe they have a small pension. We find they’ve used credit cards to supplement that income and expenses or they just end up getting into a lot of medical debt.”
In addition to escalating medical expenses, seniors have seen their portfolios hit hard by the lagging stock market. Carolyn Rodi of Saving Your American Dream says those considering bankruptcy should see a credit counselor at a non-profit organization to get their finances in order.
Credit counselors, such as those at GreenPath, help the elderly deal with a stressful situation. “We try to help them focus on what it’s going to look like” after they get out of debt, Osterland says.
Rodi also recommends that potential bankruptcy filers seek out pro-bono legal aid. “There are a lot of elderly people that are being taken advantage of by bankruptcy attorneys and mortgage brokers who are advising them improperly to pay for the bankruptcy, take out a reverse mortgage or to do things that aren’t in their best interest, ” she says. ”If you have no income, why should you borrow to pay someone when you can get free legal aid? ”
What are the chances of a senior paying off his or her debts? It’s difficult to determine, especially because seniors tend to be on a fixed income. And while finding a job — such as a WalMart greeter — seems like a viable option, it is not necessarily feasible for all seniors to work.
In addition, whether or not a person declares Chapter 7 (which involves the liquidation of one’s assets) or Chapter 13 (which allows debt restructuring) bankruptcy can be a significant factor in determining what one’s lifestyle will be. “If you have to file for Chapter 7 bankruptcy, you may be able to find affordable housing that allows you to just get by, ” says Rodi. “Chapter 13 lets you keep your house and doesn’t touch your retirement savings.”
Regardless, filing for bankruptcy is very stressful for anyone. “A lot of our clients in that post-retirement age have a hard time coming to grips with their situation, ” Osterland says. “It’s very emotional for them. We try to focus on the future and see if this debt can be lifted off their shoulders.”
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I believe that as a nation we must have a bipartisan discussion about how to best preserve and protect Social Security for our seniors and for future generations of Americans.
quote by Steve Israel
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We need to take steps to strengthen and mend Social Security so that its promise of a secure retirement is just as real for seniors in the future as it is today.
By requiring that any surplus in Social Security taxes be returned to the American people in personal savings accounts, the plan ensures that Social Security taxes will be used for Social Security.
quote by Mike Pence
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We must ensure that today's seniors' benefits are rock solid and find a solution that fixes Social Security for the next generation that is just entering the workforce.
quote by John Thune
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