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One indicator of sensible fiscal practices is maintaining balance between spending and revenues. Occasional deficits may be necessary.
Social Security affords vital income protection to workers and their families. But it is more than a retirement program.
Successful proposals to achieve Social Security solvency and adequacy should adhere to the following principles. These principles should guide any updates to Social Security.
Some proposals for Social Security’s long-term solvency would base the receipt of Social Security benefits on the income people have outside of Social Security.
Recipients of Social Security benefits generally receive an annual cost-of-living adjustment (COLA).
As people consider retirement, they must decide when to claim their Social Security benefits. Their basic benefit amount is based on a predetermined benefit formula.
Two Social Security issues of particular relevance to state and local government workers are universal coverage and the windfall elimination provisions.
Under current law, Social Security benefits cannot be garnished to repay private debts, either secured or unsecured. Secured debts include loans like private mortgages.
Social Security rules limit the amount of earnings a worker can make while maintaining full benefits.
Social Security Disability Insurance (SSDI) covers most people who work and pay Social Security taxes.