If Congress goes with a “chained CPI,” the cost-of-living adjustment on Social Security would mean less money for seniors who receive Social Security benefits and veterans’ benefits. The chained CPI would mean a different Consumer Price Index would be used, one which grows slowly. Though the chained CPI would save the system an estimated $130 billion, it means a lot less money for retirees in Michigan and elsewhere.
The American Association of Retired Persons (AARP) has comer out in strong opposition to a chained CPI. An estimated 70 percent of voters above the age of 50 have stated that they are against the chained CPI – and that includes a wide swatch of Republicans, too (60 percent). Eighty-four percent of votes age 50 and up have stated that Social Security should not be part of a budget-deficit plan, as it is a self-financed system.
Social Security cuts make people nervous, for good reason; it’s taking away much-needed find for people who rely on Social Security for all or most of their income. The money is needed for the elderly, the disabled, retired people on fixed incomes – Social Security is not a luxury item.
If you have concerns about your Social Security or Medicare, please let me help you explore your benefits options.
Christopher J. Berry is a Michigan estate planning attorney and Medicaid planning lawyer dedicated to helping seniors, veterans and their families navigate the long-term care maze. To learn more visit http://www.michiganelderlawattorney.com/ or call 248.481.4000