Seniors and Social Security

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POSTED: Tuesday, October 12, 2010 - 4:04pm

UPDATED: Friday, July 6, 2012 - 9:30am

EL PASO- Over 54 million people in the United States get social security benefits. Nearly 40 million of those are seniors, and a recent proposal has some of them here in El Paso upset.

"That's all I'm depending on right now. Social security," says Jesus Espinoza.

And each year, Jesus gets a cost of living raise. His social security check goes up to match inflation.

"We can live a little more comfortably and afford the things we need," he says.

But a pending announcement from the Social Security Administration has him worried.

For the second year in a row, the cost of living raise will likely be cut. That means less money for nearly 40 million seniors in the program.

"They don't have enough money for what they actually need to live on. There's a lot of people that are hurting right now, I know for sure," one woman told us.

The cost of living adjustment, or COLA, is determined by the Consumer Price Index, a number figured out by averaging the price of things like gas and food.

"It's skewed against the elderly and disabled," says Jeff Diamond.
 

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Social Security enefits were never intended to be th sole retirement income. Those that retire at age 62 receive 80% of full benefits. One must be 65 to receive full benefits. Those individuals that wait until age 70 to draw benefits get a 30% increase. I waited to age 70 to apply for benefits, and retired at age 81. Those applying for benefits at age 62 or even 65 must have other retirement income than Social Security to enjoy a decent life style. You make a decision and you live with it.

Social security was never intended to be the sole source of retirement income. Too many worker opt to receive Social Security Benefits at age 62. That means they receive 80% of benefits not intended to be total retirement income. Retirement at age 65 provides 100% of benefits not intended to be the sole source of retirement income. Those retirees that wait to age 70 to receive benefits receive 15 to 30% additional depending on age. I worked to age 81, and my benefits are adequate.

Wait till US old folk vote we'll see who stays and who go's.....

How's that change working for you Jesus Espinoza? Many seniors did not believe the Republicans when they told us this would happen. It did not happen to the car manufacturers or the unions. They got their stimulus and so did the congress. We were left out for the second time in a row. Unemployment is still high and some say up to 17%, not 9.5. I guess I am going to have to cut down on some food I like and make less trips to the doctor. Nothing like it was promised by Obama.

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