The Social Security of Citizens
In the United States, it is very important for all of its citizens to receive and have secured the benefits of their social security. Even their Medicare insurance. Both benefits are ultimately their financial support. This way they can utilize it when they need it. Nobody would want to fall below the poverty line. However, the retirement age is increasing, and this is jeopardizing the benefits of social security that the community of older citizens is going to receive.
Furthermore, the attempts to increase the retirement age have been going on for a very long time. Which is impacting the most vulnerable population in a negative way. Increasing the age of retirement surely jeopardizes the benefits to the older population and in turn, this affects their living conditions.
The Pros and Cons of Establishing a Consistent Retirement Age Increase Every Year
There has definitely been a debate recently about the age of retirement increase in Congress. The reason is that they believe that there are positives and negatives regarding the age of retirement increase.
An advantage that they see by establishing this new age is that they want to “keep Social Security solvent for more retirees for a longer term. Also for many more citizens waiting for their support.” This positive outlook shows the perspective of Congress on how they want to collect the money to last for a longer time.
On the other hand, the main disadvantage of the age of retirement increase is that it could have a negative impact on the quality of life for older people. According to an investment advisor, Derek Miser, “Many people rely on their pension income to survive and may not be able to find or keep jobs as they age.” This resonates with the fact that the older community is one the most vulnerable communities, and how many rely desperately on this support for their own well-being.
The individuals that can absolutely get a hold of their primary social security benefits are:
- People who might have a disability or blindness.
- Now established, those individuals who are 67 or older.
How Age Increase Affects the Older Population
The fact that now the age of retirement has increased by two years is making it much more difficult for the older population. Now the law is that if people decide to retire much sooner, the benefits will be reduced by up to 30%. This is if they decide to retire at 62, due to the age of retirement increase.
Now that Chicago and the United States have been through a crisis with the pandemic and everything that followed, it is crucial to have the financial support that is needed. It’s already hard enough to have to pay for all bills, for example: rent, clothes, food, phone bills, etc. Inflation is a major obstacle because prices are rising. Furthermore, regular salaries are not keeping up with inflation. This is why, when people don’t have enough to pay for basic necessities, a lot of them can end up being homeless, even the older population.
The Older Population Is Experiencing This First Hand
Maria Escobedo is a Chicago citizen that is firsthand experiencing this issue of the age of retirement increase. She lives in Little Village, which is already one of the communities that is experiencing a lot of different difficulties.
This community is going through financial struggles, air pollution, gang violence, racism, low resources, limited access to health care, etc. This just demonstrates how the Little Village community needs a lot to be worked on, and to improve in many different ways.
The Experience of a Fellow Chicago Citizen
Maria is an older lady, who has been living in Little Village for many years. She was married, but unfortunately her husband passed away in 2011. Following this, she has had to keep going without him.
Today, she is no longer capable of working. This is making it much more difficult for her. She receives financial help. However, she is starting to feel the pressure that it is not enough to keep up with all of the payments that she has to make every single month.
She is also aware of the age of retirement increase, and is not for it at all. The reason is that inflation is not making any of her financial struggles any easier. For Maria, it’s gotten to a point where she has considered if it would just be a better option to return to where she is from, in Monterrey, Mexico.
Social Security Is a Priority for the Older Population
This particular experience from Maria shows us how a large amount of the older population in this community, and outside of this community are all being impacted by the changes that are being made regarding social security.
Social security is one of the main benefits that most citizens look forward to for their own well-being during their older years.
Written by Jeanette Sanchez
Sources:
CNN Politics: Here’s why retirement age matters for Social Security and Medicare
Elizabethon Star: Retirement age should not be raised for Social Security
Forbes: The Advantages and Disadvantages of Raising the Retirement Age
Interview: Maria Escobedo; April 3, 2023
National Council on Aging: Gets the Facts on Economic Security for Older Adults
Social Security Online: Social Security Fact Sheet: Increase in Retirement Age
Inset Image by S. Andriefaki Courtesy of Washington Area Spark Flickr Page-Creative Commons License
Featured Image Courtesy of Alpha Photo Flickr Page-Creative Commons License
