General Discussion
In reply to the discussion: Am I wrong that Obama's chained CPI proposal exempts the bottom 20% of seniors? [View all]PA Democrat
(13,225 posts)Social Security benefits are much more modest than many people realize. In June 2012, the average Social Security retirement benefit was $1,234 a month, or about $14,800 a year.[13] (The average disabled worker and aged widow received slightly less.) For someone who worked all of his or her adult life at average earnings and retires at 65 in 2012, Social Security benefits replace about 41 percent of past earnings.[14] This replacement rate will slip to about 36 percent for a medium earner retiring at 65 in the future, chiefly because the full retirement age, which has already risen to 66, will climb to 67 over the 2017-2022 period.
http://www.cbpp.org/cms/?fa=view&id=3261
I guess seniors are the new"lucky ducks" with their extravagant benefits averaging $14,800 a year!
Is this Democratic Underground or the Club for Growth?