Today at a briefing on the Hill, the National Academy of Social Insurance released a new report, “Fixing Social Security: Adequate Benefits, Adequate Financing”. This report outlines potential strategies to enhance benefit adequacy and ensure long-term solvency for Social Security.
Virginia Reno, Vice President of Income Security Policy at NASI, cited the Elder Index during this morning’s event. The Elder Index is referenced in the report’s discussion on benefit adequacy, particularly referencing that average Social Security benefits fall short of what’s needed to make ends meet in retirement.
Also discussed at the briefing was the disproportionate reliance of women and communities of color on Social Security income. Two out of five older women relies on Social Security income alone. Elders living on Social Security alone are often forced to make difficult sacrifices between basic necessities, like food and prescription medicine. This report provides policymakers with viable options for ensuring Social Security is available and better for future generations.