House Ways & Means Subcommittee Issues Testimony From Connecticut Alliance for Retired Americans
"Thank you,
"Every year the
"When the Social Security Act was signed into law by President
"As part of our outreach, members of the Alliance speak with and interview retirees all across the country. Health concerns and income security are common to most seniors, and many tell us their only income is their monthly
"I'd like to share a few stories we've gathered that illustrate the challenges facing older Americans.
"David of
"Mary of
"A fellow Alliance member, Margaret of
"On a personal note, my maternal grandmother, mother of six and a widow at the age of fifty, often said how glad she was to receive my grandfather's
"At the time,
"For decades economists described the
"The pension leg of the stool has been gradually disappearing from the American workplaces, eroding retirement security for most Americans and making
"According to the
"The research also found that many employers don't offer a retirement plan at all: only 51% of Americans 21 to 64 years old had access to a retirement plan in 2014.
"Nearly half of all retired Americans rely on
"Americans pay the highest prices in the world for prescription drugs, putting extreme pressure on seniors' finances and making the need to increase
"
"The poverty rate is even higher (14.3%) if you use the
"To ensure that all Americans have the dignified retirement they have earned after a lifetime of work, the
"We must also increase the special minimum benefits for low-wage workers. The special minimum benefit is currently so low in comparison to most workers' monthly benefits that it's virtually irrelevant to new beneficiaries. In 2013, the full special minimum benefit equaled about 88 percent of the
"In addition, we must help widows and widowers. The Alliance urges
"To fund benefit increases and extend the solvency of the
"
"And let me close by reminding everyone that
"On behalf of the
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