The Sequester May Affect Social Security Payments
Tampa, FL (Law Firm Newswire) April 25, 2013 – The 2013 sequester has many people concerned about what the cuts will mean for their Social Security payments.
The AARP has begun running informational ads to explain what the impact of the Chained CPI Social Security benefit cuts may look like. Many Social Security advocates are deeply concerned about how those cuts may adversely affect whole groups of people. Social Security does not only help the elderly and disabled, the benefits also go to children who have lost a parent and need financial support. And, says the AARP, women will be among the hardest hit.
“It is unfortunate how many people may be adversely affected when it comes to their benefits,” commented David W. Magann, Tampa social security and disability attorney.
The 2013 budgets cuts that are proposed to affect Social Security benefits is known as the Chained CPI, as part of the larger $85 billion in sequester cuts. Legislators are discussing whether or not to cut the already-modest Social Security benefits by as much as $127 billion over the next decade, in spite of the fact that Social Security legally does and must continue to stay separate from the deficit issues and the federal budget.
According to the AARP, there are five ways in which the Chained CPI would negatively affect women. As women typically still earn less than men for the same type of job, and are more likely to work part-time rather than full-time to care for dependents, and more often have time gaps in their employment while they have and care for children, their benefits tend to be lower on average. The benefits for women average at $13,000, compared to $17,000 for men.
Also, women generally face deeper budget cuts. The chained CPI is formatted to cut more benefits each year: women on average live longer than men and make up a larger percentage of the older population. At least 68 percent of Social Security beneficiaries over the age of 85 are women. Not only that, but women, on average, have less in retirement funds such as pensions, and are more likely to rely on Social Security benefits for the majority of their expenses.
David W. Magann, P.A.
156 W. Robertson St.
Brandon, FL 33511
Call: (813) 657-9175
6107 Memorial Hwy
Tampa, Florida 33615
South Tampa Office:
Bank of Tampa Building
601 Bayshore Blvd Ste 105
Tampa, FL 33606
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