Warren Bill Would Give Seniors a Raise; the SAVE Benefits Act Takes a Stand Against Inequality

Roughly two-thirds of seniors rely on Social Security for more than half of their income. In stark contrast, a new report we co-published last week with the Institute for Policy Studies found that the 100 largest CEO retirement accounts contain $4.9 billion—more than 41 percent of Americans families have saved for retirement, combined.

Last month Social Security officials announced that for only the third time since 1975, there will be no cost-of-living increase in retiree benefits. With the cost of housing, utilities and drug costs soaring, stagnant benefits could have a significant impact on seniors’ financial stability.

Senator Elizabeth Warren (D-MA) introduced a bill to provide emergency relief to 70 million seniors, who depend on Social Security benefits. The Seniors and Veterans Emergency (SAVE) Benefits Act proposes a one-time payment of 3.9 percent—or roughly $580 for the average Social Security beneficiary, some veterans’ program beneficiaries, and select state, federal, and local retirees. For someone barely scraping by on a $1,250 Social Security check each month, $581 would cover almost three months of groceries, or a year’s worth of out-of-pocket costs for a Medicare beneficiary’s prescription drugs. According to some advocates, this small increase could lift more than 1 million Americans out of poverty.

Closing Corporate Pay Loophole to Give Seniors a Raise

To pay for this one-time infusion, the bill proposes closing a corporate loophole, which allows corporation to deduct from their taxes unlimited amounts of corporate executive compensation so long as that pay is “performance based.” Not only does this loophole reward corporations for offering CEO’s extravagant pay packages, advocates have suggested the loophole is one of many that contributes to growing income inequality in the United States.

In addition to paying for a one-time payment to retirees, closing this loophole will produce enough extra new funds to extend the life of the Social Security and Disability trust funds.

The bill would provide immediate relief to retirees who need it most, while correcting a discrepancy in the tax code that unnecessarily rewards CEOs. While the bill is only a small step towards fighting income inequality and inequalities, the bill is certainly an admirable step in the right direction.

back to Blog

Thank God someone us thinking about the seniors Who are suffering each month to make ends meet and get medication. We don't want a hand out we want help We want to be able to eat and pay for our medication It's a struggle each month when all you have to depend On is your social security check
The MOST important fact that is not mentioned is WHEN will congress vote on this bill. Do I as a voter have time to mail a letter to my congress man or woman? THAT AND ONLY THAT should be at the TOP of these memos. Time to write congress and try and alleviate the scum lobbyists who have NO interest in our future.
$ 1250 Social Security check ? I wish I had that as I am now scraping by with 740 dollars a month and was denied my disabled Widow benefits because of bureaucracy on the Social Security office end. I counted on that money to get a car since I am barely able to walk. Now I am still sitting at home 95% of the time just killing time before time kills me.
To Julie - if you were denied benefits due to bureaucracy, met the age and marraige requirements, and are truly disabled under the Social Security Act, you should file an appeal. Your denial letter would have explained your rights. If you are beyond the appeal period file a new claim. If necessary get an attorney. God knows there are plenty out there that handle SSA cases. Some know the disability regulations better than the claims reps because all they see are disability cases. Every claims rep has to deal with every type of claim the agency handles (retirement, disability, survivor, SSI). Mistakes are sometimes made. I worked for SSA for 33 years. I saw mistakes made but also saw many corrected.
It is a choice between medicine and food, the save benefits act would make it so we don't have to make that choice. Please pass this legislation for the sake of seniors.
My disability check is $846 a month. An extra $580 would buy me some heating oil and some extra groceries. I live in Maine, heating my home is expensive. Even with my dependent child's benefit the total is $992 per month and my mortgage is $639. I pray this bill passes.
When will this be put to a VOTE
How about attaching some wording that offers some exemptions to income for trying to help ourselves. If I try to do some odd work, all of my benefits come into peril. My SSDI gets cut if I earn more than an amount in a month, and that amoumt is a joke that no one could live on. My SNAP benefits get essentially eliminated and heating assistance gets eliminated. And you wonder why no one is coming out of poverty. You keep us here with stupid rules. Lift some of those rules...increase our benefits a little if we try to help ourselves... Rewarding positive effort is far more productive than rewarding no or negative effort. Catch up folks, we don't want to live in poverty but, because of the system, we CAN'T try and help ourselves. Would it really hurt to create a REWARD system for our efforts to help ourselves instead of cutting our benefits? I think you'd see more people coming out of poverty and many off public assistance, SSDI and SSI. In order for a person to be able to help themselves, and I can only speak for myself as a disabled person, there has to be way to keep the benefits I receive and still make an effort to help myself. I can't afford to earn an extra dollar if I lose my benefits because then I am in an even more precarious position. I will never be able to use my $50,000 MBA to support myself because my physical body can not stand up to full time work. 10 to 15 hours is all I can really manage. Would it really hurt the system if you just left my benefits alone and let me try to work 10 to 15 hours a week. If you think that cutting my SNAP or heating is an incentive for me to try and help myself...think again. When I work 10 hours and you cut my SNAP, now I have EVEN LESS than BEFORE I tried to work a measly 10 hours. Yes, a one time increase would certainly help, but being able to help myself without fear of penalty would be more beneficial. What are you afraid of...that I might earn enough to actually pay ALL of my bills in the month they're due? Creating incentive will not make me rich. It won't even put me over the poverty line. What it will do is give me purpose, give me a feeling of self reliance and some self esteem. Not one of those things is detrimental to any one or any thing. Would it really hurt anyone? Raise the limits and let people get out there and do what we can to help ourselves. If you give a man a fish he eats for a day, if you teach a man to fish he eats for a lifetime. So, yes, pass this bill...and do something positive...raise limits so that those of us who can do a little to help ourselves have the freedom to do so.
Is tis included in the 2016 budget
warren should run for president