Tag Archives for retirement

With the Latest SSA Trustee Report Released, Congress Must Act Now to Fix Social Security

Published in Blackstone Valley Call & Times on June 24, 2025

Just before Medicare celebrates its 60th anniversary this July and Social Security marks its 90th birthday in August, the Social Security Board of Trustees recently released its annual report on the financial status of the Social Security Trust Funds.

According to this year’s estimate, by 2033, projected revenues will only cover 77% of scheduled benefits—unless Congress takes action to address the program’s looming shortfall. Combining the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) trust funds would extend coverage for another year, ensuring 81% of scheduled benefits through 2034, instead of 2035, as previously estimated.

The trustees also reported that Medicare’s Hospital Insurance Trust Fund (Medicare Part A, which covers certain healthcare services) will be able to pay full benefits until 2033, a year earlier than the previous estimate of 2024. At that point, the fund is expected to cover 89% of benefits.

For 2024, the Social Security Administration (SSA) paid $1.47 trillion in benefits to about 68 million beneficiaries, while its administrative costs were just $7.4 billion—representing a very low 0.5% of total expenditures. However, the projected 75-year actuarial deficit is 3.82% of taxable payroll, higher than the 3.50% projected in last year’s report.

Frank Bisignano, Commissioner of Social Security, stressed that ensuring the financial stability of the trust funds remains a top priority for the Trump Administration. “We must work together—Congress, SSA, and others—to eliminate waste, fraud, and abuse to protect and strengthen the trust funds for millions of Americans who rely on it for secure retirement or disability benefits,” he stated.

In responding to the released Trustee’s report, House Ways and Means Social Security Subcommittee Ranking Member John B. Larson (D-CT) criticized the current administration’s approach, calling the Trustees’ Report a wake-up call to enhance Social Security for the first time in more than 50 years. Larson also pushed back against misleading claims from President Trump and Elon Musk about waste and abuse within the system. “Seniors, veterans, and disabled workers rely on these earned benefits, and they’re counting on Congress to do its job,” Larson said. “While Republicans push for privatization, Democrats have a plan to protect and expand Social Security.”

Larson’s Social Security 2100 Act, introduced in the last Congress with 189 cosponsors, aims to strengthen Social Security by expanding benefits and increasing payroll taxes to ensure the program’s long-term solvency.

Media Headlines on Social Security’s “Insolvency” Create Unnecessary Fear

Some media outlets, including The Washington Post, have raised alarms with bold headlines warning that Social Security could become “insolvent by 2033” or even “bankrupt.” In a statement, Bob Weiner, former Chief of Staff to the U.S. House Committee on Aging, rejects these claims, noting that the SSA currently holds a $2.7 trillion surplus. According to Weiner, the Trustees’ warning that the program may cover only 81% of benefits by 2034 is being misinterpreted as insolvency or bankruptcy. “That’s neither bankruptcy nor insolvency. Congress can fix this, perhaps by raising the income cap on Social Security taxes,” Weiner explains.

Weiner points out that, in 2026, the income cap for paying Social Security taxes is set to be $181,800. He also emphasizes that Social Security has faced repeated budget cuts to fund tax breaks for the wealthy. “We must protect Social Security as a priority,” Weiner says. “As Speaker Emerita Pelosi often reminds us, ‘First, do no harm.’”

Aging Groups Give Their Thoughts About Fixing Social Security

In statements, Social Security advocacy groups have also weighed in on and give   comments on the latest Social Security and Medicare Trustee reports.  

Nancy Altman, President of Social Security Works, argues that the program is fully affordable and costs only about 6% of the GDP at the end of the 21st century. She believes Congress will act to avert the projected shortfall, as it always has in the past. The key question to ask, Altman says, is whether lawmakers will choose to bring in more money through higher taxes or reduce benefits.

Altman strongly opposes cutting benefits, charges that politicians who don’t support increasing Social Security revenue are, by default, advocating for cuts. She highlights the impact of income inequality, which has cost Social Security over $1.4 trillion since 1983. “If the wealthy paid their fair share into the program, we could easily protect and expand Social Security’s modest benefits,” she notes.

While Americans are divided on many issues, Altman points out that there is broad consensus in support of Social Security. “The real crisis facing Social Security is not a future shortfall, but the ongoing sabotage it’s experiencing now,” she says. Altman specifically references the role of Elon Musk’s DOGE, which has pushed out thousands of Social Security staff members, including nearly half of its senior executives, resulting in an irreplaceable loss of institutional knowledge.

Despite these challenges, Altman notes that Social Security is run efficiently, with administrative costs well under a penny for every dollar spent. A major increase or decrease in administrative spending would have minimal impact on the program’s finances.

Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare, says this year’s comments on the Trustees’ report, mirrors those he made last year – It’s time to rebuild reserves in the Social Security Trust Fund. However, he warns against harmful proposals such as raising the retirement age or means-testing benefits, both of which would cut benefits for millions of Americans.

“Raising the retirement age to 69 or 70 would significantly reduce lifetime benefits. These ideas have been part of Republican proposals to address the projected shortfall,” Richtman explains.

Richard Fiesta, Executive Director of the Alliance for Retired Americans, urges aging advocacy groups not to remain complacent. “Republicans in Congress are eager to cut the benefits Americans have worked a lifetime to earn,” he warns. “We cannot allow Social Security to be privatized or dismantled.”

Fiesta also calls for stronger Medicare reform, urging Congress to curb the high cost of prescription drugs and hold Medicare Advantage insurance corporations accountable for rising costs that don’t benefit patients.

A Final Note…

Social Security is an essential lifeline for millions of Americans, and its future is now at a crossroads. Can a partisan Congress work together to find a political viable fix?

While the media reports Social Security’s impending insolvency and bankruptcy, there is no doubt that Congress must act soon to ensure the program’s long-term sustainability. Whether through increasing revenue or reforming benefits, the decision on how to strengthen Social Security will shape the future of retirement and disability benefits for generations to come. It’s time for Congress to act.

View the 2025 Trustees Report at www.socialsecurity.gov/OACT/TR/2025/.

Seniors in hock over credit card debt. Cap attempt a rare tri-partisan (D), (I), (R) effort

Published in RINewsToday on March 24, 2025

Over two weeks ago, a new AARP survey revealed that 47% of respondents who carry credit card debt use their credit cards to pay for basic living expenses that they do not have enough money to cover.  Seventeen percent of these individuals relied on using their credit card to cover month to month expenses of daily living over the last year.

These findings, detailed in the 47-page report, “Credit and Debt and Adults Age 50 Plus,” put a spot light on credit card debt as now the most common type of debt held by adults age 50 plus, including many at all income levels. The survey results drive home the point that rising costs of basic expenses for food, housing and utilities, along with skyrocketing health care costs and unexpected financial burdens, are quickly chipping away at the financial well-being of older Americans in their retirement years.

AARP’s credit card survey also found that 37% of older adults with credit card debt report that they have more credit card debt than a year ago. Nearly half (48%) of older adults who carry a credit card balance from month-to-month owe $5,000 or more, and 28% carry a balance of $10,000 or more. Almost 9 in 10 respondents (87%) say that unexpected expenses contribute to their credit card debt.

“A concerning number of older adults carry credit card debt today just to make ends meet,” said Indira Venkat, AARP Senior Vice President of Research in a statement released on March 10, 2025 announcing the findings of this survey. “Credit card debt can jeopardize retirement security. For many retirees, who often live on a fixed income, it’s a real challenge to pay down debt without significant trade-offs,” she says.

The survey also found that older adults are the most likely to carry a monthly balance, including people ages 50-64, those with incomes under $40,000, as well as Black and Hispanic/Latino older adults. More than half (52%) of adults ages 50-64 have credit card debt. Significant portions of those ages 65-74 (42%) and 75 and older (35%) also carry credit card debt.

Credit card debt results in long-term financial strain of the older card holder. Among those who are worried about their credit card debt, the survey found that 43% are very worried about how long it will take to pay off their debt. Roughly 1 in 5 expect to take more than five years to pay it off. The top drivers of credit card debt include everyday expenses, including vehicle costs, housing costs, and health care.

Fifty percent of the respondents say that health care expenses have contributed to their credit card debt, noted the survey findings. Among this group, the biggest medical expenses contributing to debt are dental expenses (46%), prescription drugs (35%), and vision care (19%)

And, twenty-three percent say they are still paying off balances on cancelled credit cards. As a result, forty-six percent say credit cards have hurt their ability to save for the future.

Bipartisan efforts on Capitol Hill to cap high credit card interest rates

With credit card interest at an all-time high, carrying high-interest credit card debt month-to-month can be risky for those who struggle with paying of the balance as the interest accrues.

This financial issue brings together two strange bedfellows— Sen. Bernie Sanders (I-Vt.)  a democratic socialist advocating for progressive policies like universal healthcare and wealth redistribution, and Sen. Josh Hawley (R-Mo.), a conservative populist focused on nationalism, traditional values, and limiting government intervention—to cap high credit interest rates.

On Feb. 4, 2025, the Senators introduced their bipartisan legislation, S. 381, the 10 percent Credit Interest Rate Cap Act, that caps credit card interest rates at 10% for five years to provide financial relief to consumers facing high interest debt.  Later, Sen. Jeff Merkley (D-OR) would become a cosponsor.

S. 381 was referred to the Senate Banking, Housing, and Urban Affairs for consideration.  A companion measure, H.R. 1944 was introduced by Rep. Alexandria Ocasio-Cortez and referred to the House Committee on Financial Services.

The legislation responds to concerns about rising credit card debt, which reached a record $1.17 trillion in the third quarter of 2024. At that time, the average credit card interest rate was approximately 28.6%, significantly higher than the proposed 10% cap.

Capping high interest rates can easily help credit older adults, burdened by credit card debt.  According to Sander’s statement, “If a consumer has a $5,000 credit card balance with a 28% interest rate and can only afford to make the minimum payment of $166 a month it would take that person over 24 years to pay off and would cost nearly $11,000 in interest. If credit card interest rates were capped to 10%, that same consumer would save over $7,000 in interest.

“During the campaign, President Donald J. Trump pledged to cap credit card interest rates at ten percent,” Sanders said. “When large financial institutions charge over 25 percent interest on credit cards, they are not engaged in the business of making credit available. They are engaged in extortion and loan sharking. We cannot continue to allow big banks to make huge profits ripping off the American people. This legislation will provide working families struggling to pay their bills with desperately needed financial relief,” he says.

“Working Americans are drowning in record credit card debt while the biggest credit card issuers get richer and richer by hiking their interest rates to the moon. It’s not just wrong, it’s exploitative. And it needs to end,” said Hawley. “Capping credit card interest rates at 10%, just like President Trump campaigned on, is a simple way to provide meaningful relief to working people. Let’s do it,” he said.

While the bill aims to alleviate the financial burden on consumers, the American Bankers Association (ABA) argues that such a cap would have a devastating effect on access to credit for individuals and small business owners who use their personal credit cards as a form of liquidity by imposing an all-in annual percentage rate cap at 10 percent.  A cap on credit card interest rates is a price control on credit that will lead to credit shortages for consumers, charges ABA.

Reaching across the aisle 

On Sept. 18, 2024, at Uniondale, New York, at a campaign rally GOP presidential nominee, President Trump, then candidate Trump, promised to cap interest rates at 10% to provide temporary and immediate relief for hardworking Americans who are struggling to make ends meet and cannot afford hefty interest payments on top of the skyrocketing costs of mortgages, rent, groceries and gas.

As duly elected President, now Trump has the opportunity to work with Senators Sanders and Hawley and Rep. Ocasio-Cortez to put an end to hefty interest payments as he promised over six months ago on the campaign trail.  Trump now can put partisan politics behind, urging the Republican-controlled Senate and House to S. 381 and H.R. 1944 a fair committee hearing and floor vote.

Hopefully, the Rhode Island legislative delegation will quickly support the bipartisan proposals in both chambers, signing on as cosponsors.

Capping high credit card interest rates might just be one way to bring the two warring political parties together on behalf of American consumers.  Let’s see.

NOTE:  The findings of AARP’s Credit Card Debit Survey are based on a survey of 4,846 adults ages 50-plus who carry over credit card debt from a previous month, whether on active cards or cancelled cards.

To read AARP’s latest Credit Card Debt Report, to go www.aarp.org/content/dam/aarp/research/topics/work-finances-retirement/financial-security-retirement/credit-card-debt-survey.doi.10.26419-2fres.00929.001.pdf

To watch former president and GOP presidential nominee, Donald J. Trump, calling for capping high interest rates on Sept. 18, 2024, go to www.c-span.org/program/campaign-2024/former-president-trump-campaigns-in-uniondale-new-york/648902

Learn more about AARP’s resources for managing money. go to  https://www.aarp.org/tools/money/?cmp=RDRCT-TOOLS-MONEYTOOLS-09262024.

Looking back at 2024, sharing some favorites

Published in RINewsToday on January 7, 2025

Like many national news organizations, RINewsToday, The Pawtucket Times and Woonsocket Call (now combined into one newspaper called the Blackstone Valley Call & Times), offers its readers an ‘age beat’ editorial commentary, covering a myriad of aging issues, Congress (including Social Security and Medicare) retirement, the long-term care continuum, consumer issues, spirituality, pop culture, health care and even economics. Throughout these years

I’ve covered these issues as they relate to older Rhode Islanders, also covering Smith Hill, when there are state policy debates on issues that will impact older Rhode Islanders.

As a Rhode Island ‘age beat’ journalist for over 45 years, I have penned over 1,000 stories covering issues of interest to our readers. These authored and coauthored pieces have appeared in national, state and trade publications.

For many of these editorial commentaries, I have consistently drawn on the invaluable research produced by the Washington, DC-based AARP. Their insightful reports, polls, and studies have provided a wealth of information that has deepened public understanding of the challenges and opportunities of aging. I’ve also drawn on the expertise of professionals in the Rhode Island aging network for their perspective and comments on these topics, giving the editorial a good, local slant, where possible.

In 2024, my commentaries have appeared weekly in daily news outlets, also in other media outlets including RINewsToday – that’s about 52 articles a year – over quite a few years now! I’ve written for digital news publications, Senior Digest, a monthly publication for those over age 50, the Narragansett Times, Kent County Daily, Cranston Herald, Warwick Beacon and the Johnston Sun who have picked up stories, and of course, my own blog.

As we celebrate the New Year and look forward to 2025, looking back, I have selected my top five favorite commentaries published in 2024. Specifically:

“Stoic Tips for the Class of 2024,” May 27, 2024.

Generally, thousands of commencement speeches occur annually at university and colleges in the U.S. The common themes of these speakers (traditionally 10 minutes in length, up to 2,500 words) that typically emerge in their speeches in 2024 were: resilience and overcoming challenges; embracing change and innovation; social responsibility and making a difference; the power of community and collaboration; and personal growth and lifelong learning; mental health and well-being and finally embracing diversity and inclusion.

Over the years, never being invited to give a commencement speech, I have traditionally penned my own. So, in 2024, advice was giving to graduating seniors, pulling from stoicism, a school of Hellenistic philosophy that thrived in Ancient Greece and Rome. Advice came from: Epictetus, a former slave in Hierapolis (modern-day Turkey) around 50 CE; Seneca the Younger, who lived in the 1st century CE; Stoic Philosopher Marcus Aurelius, a Roman Emperor who ruled from 161 to 180 CE; and Stoic Greek philosopher, Heraclitus.

Graduating seniors were advised to remember the teachings of Stoic philosophy that would offer them a timeless roadmap for living a life of purpose, meaning, and fulfillment.

“Congressman Magaziner Takes Baton on Bring Back House Aging Committee,” March 4, 2024

Over 30 years ago, the US House Democratic leadership’s belt-tightening efforts to save $1.5 million resulted in the termination of the House Permanent Select Committee on Aging. This commentary announced Cong. Seth Magaziner (RI-2) legislative attempt to bring back the House Select Committee on Aging (HSCoA) when he picked up the baton from former Cong. David Cicilline who sought to bring it back during the 114th-117th Congresses.

The Commentary announced that Cong. Seth Magaziner’s introduction of H. Res. 1029, on Feb. 23, 2024, (cosponsored by Cong. Gabe Amo (RI-1) and 27 House Democratic lawmakers) to reestablish the HSCoA. It was referred to the House Committee on Rules for mark-up, (which never occurred) and the legislative resolution died at the conclusion of the 118th Congress.

According to the commentary, every day 12,000 Americans turn 60. By 2030, nearly 75 million people in the U.S. — or 20% of the country — will be age 65 or older. With the graying of our nation, the need for support and services provided under programs like Social Security, SSI, Medicare, Medicaid and the Older Americans Act increases.

Magaziner’s 213-word resolution would have authorized the HSCoA to study the use of all practicable means and methods of encouraging the development of public and private programs and policies which will assist seniors in taking a full part in national life and which will encourage the utilization of the knowledge, skills, special aptitudes, and abilities of seniors to contribute to a better quality of life for all Americans.

Finally, the House Resolution would also allow the HSCoA to develop policies that would encourage the coordination of both governmental and private programs designed to deal with problems of aging and to review any recommendations made by the President or by the White House Conference on aging in relation to programs or policies affecting seniors.

Hopefully, we will see Magaziner continue his attempt to bring back the HSCoA by reintroducing a new resolution during this new Congress. With his

“If You Want a Friend in Washington, Get a Furry Friend,” Aug. 5, 2024.

With an increasing number of adults reporting a decrease in the number of close friends, the old adage, “If you want a friend in Washington, get a dog,” might also be applicable outside the Beltway, even in the Ocean State. This companionship can also boost your physical and mental health. Your furry friends’ capacity for unconditional love enables them to share our lives’ highs and lows.

This commentary stressed the powerful bond of owning a pet and how the relationship offers mental and emotion support to their owners.

According to the findings of an American Psychiatric Association (APA) Healthy Minds Monthly poll released jointly with the American Veterinary Medical Association, among the many mental health benefits of pets, nearly two-thirds of pet owners say that their animals offer companionship (65%), are a true friend (65%) and provide unconditional love and support (64%), the survey finds. Eighty-four percent of pet owners say that their pets have a mostly positive impact on their mental health, similar to the findings of last year’s polling on the same topic. The poll was of 2,200 adults, done by Morning Consult.

Furthermore, the survey’s findings indicated 62 percent of the survey’s respondents say that pets provide a calming presence and also help reduce their stress and anxiety. Thirty-five percent note that their pet encourages them to be more physically active, too. The findings note that owning a pet adds structure to a respondent’s schedule and can even increase social connections with others (19%).

Yes, in Washington or outside the Beltway, if you want a friend, get a dog (or even a cat, bird or hamster). Pets can become a protective buffer against physical and mental disorders and life stressors.

“Someone’s Trash is a Military Family’s Treasure: Ours,” June 3, 2024.

This commentary, in the Blackstone Valley Call & Times, highlighted my efforts to retrieve a military footlocker that belonged to my father, after being notified that a Detroit couple, Michael Shannon and his girlfriend Cetaura Bell, found it cast away on a sidewalk for anyone to claim. The trunk had sat in a vacant garage for over 60 years (with the owner having no relations with the owner Lt. Frank M. Weiss). The couple went out of their way to try and finally successfully track me down thru an internet search.

My story was picked up by RINewsToday, and then in several local papers. The Detroit Free Press, a Gannet publication also did a story, in both their digital and print editions, and then other Gannet papers, including the Providence Journal, the Cincinnati paper and the Indy Star. Perhaps the biggest connection, though, was made with Stars & Stripes – the US military’s independent news source with a circulation of over 1 million readers.

“Shortage of direct care professionals a local and national concern,” April 22, 2024

Over 23 years ago, commentaries in the Pawtucket Times that I wrote reported on the crisis of a direct care staffing shortage and inadequate reimbursement being paid to nursing facilities to care for Rhode Island’s frail seniors. As we enter 2025, NOTHING has changed and these staffing and reimbursement issues still continue to exit.

The commentary took a look at a U.S. Special Committee on Aging hearing, chaired by Chairman Bob Casey, (D-PA), showcasing S. 4120, legislation that he introduced with U.S. Senators Tim Kaine (D-VA), and Tammy Baldwin (D-WI). The Long-Term Care Workforce Support Act, introduced during the 118thCongress,would ensure that direct care professionals have a sustainable, lifelong career by providing substantial new funding to support these workers in every part of the long-term care industry, from nursing homes to home care, to assisted living facilities.

The Senate Aging Committee hearing revealed a number of statistical findings showing the need for Congress to address the nation’s severe ongoing direct care professional workforce shortage. It was noted that a recently released survey revealed 92% of nursing facility respondents and nearly 70% of assisted living facilities reported significant or severe workforce shortages.

The April 16th hearing entitled, “The Long-Term Care Workforce: Addressing Shortages and Improving the Profession,” examined the challenges currently facing long-term care workers who are often underpaid and overworked, leading to widespread worker shortages that threaten the availability of care for those who need it.

“It’s a crisis that stems largely from a lack of support for and investment in our care giving workforce,” warned Casey in his opening statement. “Between 50 to over 90 percent of long-term care settings and providers report significant staffing shortages, affecting their ability to provide services, accept new clients, or even to remain open,” he said, with witnesses providing personal testimony about this policy issue.

John E. Gage, MBA, NHA, President & CEO, of the Rhode Island Health Care Association (RIHCA), Maureen Maigret, policy advisory of the Senior Agenda of RI (SACRI), offered their views of the nation’s severe ongoing direct care professional workforce shortage citing Rhode Island specific examples.

In conclusion…

I extend my heartfelt thanks to the thousands of individuals I have interviewed over these 45 years. Their comments reflecting insights and observations about aging, health care, and medical issues, have profoundly enriched these commentaries.

To review all my 53 commentaries that appeared in 2024 (including the above cited), go to http://www.herbweiss.blog.