Social Security is back in the spotlight amid growing fears of upcoming changes. A recent study financed by AARP through NASI found that most Americans-Both across the political lines-don’t mind increasing Social Security benefits for two specific target groups: caregivers and older people with physically demanding occupations.
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 proposal is a caregiving credit which will recognize the work of many—a limited number of parents and/or family caregivers—who had to drop out of the workforce to look after a family member. The benefit payments that Social Security provides depend significantly on lifetime earnings, so taking time away for caregiving typically lowers one’s retirement benefits.
The caregiving credit, therefore, would help to fill that gap, by adding impetus to childhood benefit credits. This kind of relief would provide indispensable financial assistance to somebody who gave up a career to help a family member.
Change
Caregiving is one of the hardest jobs out there, and it’s often unpaid. Parents and family caregivers who put their loved ones first shouldn’t have to face financial struggles in retirement. According to the NASI study, nearly 60% of Americans support this change, reflecting a general consensus that caregivers should receive better treatment.
Bridge Benefit
The second proposed change involves creating a “bridge benefit” for older workers in physically demanding jobs. Imagine working decades in construction, manufacturing, or farming-those jobs surely take their toll on the body. Many people in those careers turn to early retirement due to health problems, which, in turn, can reduce their social-security benefits.
The second proposed change is a so-called “bridge benefit” that provides transitional benefits for patients of more demanding physical employment until they reach full retirement age. The funds support retired workers and therefore make some financial difference twiddling with rewarding tasks.
Public Support
The NASI survey showed that there are more than 60% in favor of the bridge benefit, which clearly shows its wide acceptance and recognition that some jobs make you more worn out than others, and the status quo will not always express this reality.
Bipartisan Support
When it seems that the political divisions have never been more pronounced, there comes one ray of hope out of this situation. Debra Whitman, chief public policy officer for AARP, stated that most Americans want a strong Social Security and are willing to discuss changes that will keep the system equitable and sustainable.
All in all, these calls for fairness are about acknowledging that not all job experiences are made equal. Caregivers and manual laborers give invaluable contributions to society. Unfortunately, however, they are usually left behind by the current system. With this rising public awareness, these changes might improve the lives of millions in real ways.
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 most discussed for benefit increases are seniors (retirees) and disabled individuals who rely on Social Security for financial support.
2. Why do Americans support increasing Social Security benefits for these groups?
Many believe that rising living costs, inflation, and financial hardships make it essential to increase support for seniors and disabled individuals who depend on these benefits.
3. Has Congress passed any legislation to boost Social Security benefits?
As of now, no final legislation has been passed, but there are ongoing discussions and proposals aimed at increasing benefits for these groups.
4. How would boosting benefits impact retirees?
Increased benefits would provide retirees with additional financial security, helping them cover essentials like housing, healthcare, and daily expenses.
5. How would an increase in benefits help disabled individuals?
Higher benefits would assist those on Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) in affording basic necessities and medical care.