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We face a retirement crunch that's only going to get worse unless we take bold action. I've got a plan to provide the biggest increase in Social Security benefits in decades—an immediate $200-a-month increase for everyone. elizabethwarren.com/plans/social-s…
It’s getting harder for families to save enough for a decent retirement. A generation of stagnant wages and rising costs for basics like housing and health care have squeezed family budgets. Millions of Americans are sacrificing saving for retirement just to make ends meet.
Social Security has become the main source of retirement income for most seniors, but the benefits today are quite small. 14% of seniors live in poverty—another 28% of seniors are close to it. Seniors are cutting pills and skipping meals to save money. This is unacceptable.
My plan would immediately increase Social Security benefits by $200 a month—$2,400 a year—for every current and future Social Security beneficiary in America. This would immediately lift around 4.9 million seniors out of poverty and cut the senior poverty rate by nearly 70%.
For the 63 million Americans who count on Social Security—including the 10 million Americans with disabilities and their families—my plan will provide more economic security. Money to see the doctor or do necessary home repairs.
Those who face work and pay discrimination, like women and caregivers, low-income workers, people of color, and people with disabilities, have lower benefits in retirement. I'll update outdated Social Security rules to ensure everyone gets fairer benefits.
So how will we pay for this? Easy. We can immediately increase Social Security benefits and extend the program’s solvency by nearly two decades by asking the top 2% of families to contribute their fair share to the program.
Another big benefit: My plan will increase economic growth in the long term and reduce the deficit by more than $1 trillion over the next ten years.
Everyone deserves a decent retirement. Try my new retirement calculator to see how much your Social Security benefits would increase under my plan: elizabethwarren.com/retirement
