The Social Security 2100 Act would increase Social Security’s modest benefits for the 63 million Americans receiving those earned benefits today, as well as every single American who will receive them in the future. Those Americans include Gold Star families of those who made the ultimate sacrifice in our defense, children of other deceased or disabled workers, seniors and so many others.
It would also increase the minimum Social Security benefit earned by those who labor at low wages and contribute to Social Security for their entire working lives. The minimum benefit, which has eroded since its enactment in 1972, is increased because the cosponsors do not believe Americans should be forced to retire into poverty after a lifetime of work and contributing. In addition, the legislation would provide a more accurate measure for Social Security’s yearly cost of living adjustment, so that beneficiaries will no longer see their modest but vital benefits gradually erode from inflation.
Moreover, the legislation would ensure that every penny of all these promised benefits will be paid in full and on time through the rest of the 21st century and beyond. That will provide perhaps the most important benefit of all: Peace of mind, security, that if disaster strikes in the form of death or disability Social Security will be there, month after month, providing the economic security we have earned and deserve. And peace of mind knowing that those of us who have the good fortune of a very long life will not outlive our Social Security. This is in sharp contrast to savings, which may be gone towards the end of life when expenses may be highest.
It is so fitting that the Social Security 2100 Act is being introduced on January 30, the anniversary of the birth of President Franklin Delano Roosevelt, the father of Social Security.