Social Security is under the spotlight again, with fears about further changes to come bubbling closer to the surface. A recent study subsidized by AARP and conducted by the National Academy of Social Insurance (NASI) found support among a number of Americans—across political lines—for an increase in Social Security benefits specifically for caregivers and older workers in physically demanding jobs.
It’s not often that you see bipartisan agreement on a major issue, but both Republicans and Democrats are backing these proposed changes. Let’s break down the two potential improvements and why they matter so much.
Table of Contents
1 Caregiving Credit
2 Change
3 Bridge Benefit
4 Public Support
5 Bipartisan Support
6 FAQs
Caregiving Credit
The first proposed change is a caregiving credit aimed at helping people—often parents—who’ve taken time off work to care for family members. Because retirement benefits are calculated from lifetime earnings, taking time out from the workforce while being a caregiver means lower retirement benefits.
The caregiving credit would help offset this reduction by granting additional credits towards their retirement benefits. This would help provide necessary financial relief to those who gave up their careers to care for family members.
Change
Caregiving is one of the hardest jobs, and it is often sans remuneration. Families should never have to tussle with retirement financial insecurity just because they put their family first. With almost 60% of Americans expressing their support for it, the NASI study demonstrates a widespread consensus in favor of giving caregivers a more equitable deal.
Bridge Benefit
Because retirement benefits are calculated from lifetime earnings, taking time out from the workforce while being a caregiver means lower retirement benefits.
The caregiving credit would help offset this reduction by granting additional credits towards their retirement benefits. This would help provide necessary financial relief to those who gave up their careers to care for family members.
Caregiving is one of the hardest jobs, and it is often sans remuneration. Families should never have to tussle with retirement financial insecurity just because they put their family first. With almost 60% of Americans expressing their support for it, the NASI study demonstrates a widespread consensus in favor of giving caregivers a more equitable deal.
Bipartisan Support
In a time when political divides seem far more fierce than ever, it is a breath of fresh air to see people from both sides of the aisle agreeing on something. Debra Whitman, chief public policy officer for AARP, said Americans largely believe that Social Security should remain strong, while, at the same time, being open to reforms that will keep it fair and sustainable.
After all, this fairness is about the issue of equality of work experience. Caregivers and manual laborers provide very important contributions to society; however, they are oftentimes placed at a disadvantage by the current system itself. The popular support for these changes is great, and those changes could actually add substantial improvements to the lives of millions.
The future of Social Security will depend on how well policymakers listen to the public’s call for fairness and equity. Given the level of agreement across party lines, there’s reason to be optimistic that positive changes may be on the horizon.
FAQs
1. Which two groups are being considered for increased Social Security benefits?
The two groups that Americans widely support for increased Social Security benefits are low-income retirees and long-term workers who have contributed to the system for decades.
2. Why is there a push to increase Social Security benefits for these groups?
Many believe that low-income retirees struggle to meet basic living expenses, and long-term workers deserve increased benefits for their lifelong contributions. Economic inflation and rising healthcare costs have also increased the need for stronger financial support.
3. How do Americans feel about boosting Social Security benefits?
Polls and studies show that a significant majority of Americans support expanding benefits for vulnerable groups, with bipartisan agreement on providing financial security to seniors.
4. How would increasing Social Security benefits be funded?
Possible funding solutions include raising the payroll tax cap, adjusting tax rates on high earners, or reallocating federal budget funds. Some proposals suggest increasing contributions from higher-income individuals.
5. What impact would increased benefits have on Social Security’s long-term sustainability?
While increasing benefits could provide much-needed relief, it also raises concerns about the long-term financial stability of the Social Security trust fund. Lawmakers are exploring funding solutions to ensure sustainability.