The U.S. National Retirement Risk Index (NRRI) shows that more than half of today's households won't have enough retirement income to maintain their pre-retirement standard of living, even if they work to age 65. The Employee Benefit Research Institute indicates that among workers of age 55 and older, nearly 60% have saved less than $100,000 for retirement, and 24% have saved less than $1,000. A recent Gallup Poll shows that 57% of current retirees consider an average monthly benefit of around $1,290 their major source of income. This all points to an alarming number of American seniors headed for the poorhouse.
Seniors over the age of 65, number over 40 million - and that number will increase to 50 million by 2020. The U.S. Government should take note that such a considerable portion of the U.S. population comprises a major voting power block, able to influence political change for the betterment of their standard of living.
Here are five essential benefits that a certain class of seniors over the age of 65 should be entitled to. These benefits should be considered rightfully earned privileges given the fact that it was the present-day seniors who built the U.S. to become the number one economic power in the world.
1. Housing supplement
Every senior citizen over the age of 65, whose savings, assets or equity in their home is less than $10,000, should be entitled to a government supplement equaling the difference of their basic housing costs exceeding one-third of their household income. The basic housing cost should be construed as the rental payment or mortgage payment in cases where seniors own a home or condo.
The compensation should be based on the average price for a one-bedroom apartment or the average price of the home or condo, in the city or town where the senior citizen lives. In cases where the senior citizen shares the rental or home with a spouse or living partner, the supplement should be applicable only if the rental or carrying cost of their home exceeds one-third of all occupants' combined household income.
2. Free public transportation
Every senior citizen over the age of 65, regardless of their disposable income or assets, should be entitled to use the public transportation system within the Municipality they live in, free of charge and on an unlimited basis. Local Municipalities whose transportation system isn't fully used can afford such an arrangement. The ones that have their transportation fully used, should receive subsidies from the State and Federal governments to compensate for the extra cost.
3. Free medical services
Every senior over the age of 65, should be entitled to medical treatments, services and medicine free of charge. This should be the most fundamental right of U.S. seniors. By building America, they earned that right. By providing such a benefit to its senior citizens, the U.S. would put itself on the world map, showing itself to be a just and socially conscious country when it comes to caring about its seniors.
4. Forgiveness of student loans
By the same principle, every U.S. senior citizen over the age of 65 whose savings, assets or equity in their home is less than $10,000, should be gracefully forgiven their outstanding student loan amount in its entirety.
5. Social Security taxes
Old age security should be guaranteed in full and not be allowed to be taxed, or otherwise threatened by any legal actions or other enforcement procedures. Old age security is, to many seniors, the only income they have to depend on. Therefore, deductions of any kind against their already very low income, is highly unfair and unjust.
Who would pay for all this? Well, going back to Ms. Yellen's "concern," it should be up to the Feds to devise a plan on how to implement the suggested seniors' benefits. If the Feds could introduce Quantitative Easing by printing cheap bonds mostly to the benefit of the banks and mega rich financial corporations, and if Congress could approve the bailout of those banks and mega rich financial corporations that sold fraudulent, "toxic" papers to the public, they can surely extend their innovative monetary practices to look after seniors, the most vulnerable of American citizens.
Dan S. Barnabic is the author of "The Condo Bible, Everything you must know before and after buying a condo". Mr. Barnabic is a regular contributor to the Wall Street Journal's MarketWatch and his articles have appeared in major print media, including The Globe and Mail. You can read his articles at http://www.danoncondos.com
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