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NSC Battles Government Efforts to Seize Private Retirement Savings |
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Tuesday, 26 February 2013 13:08 |
The National Seniors Council continues to lead the fight to prevent Congress and the Obama Administration from confiscating private retirement savings as part of a scheme to create a new “national retirement system.”
During negotiations between Congress and the Administration over the so-called “fiscal cliff,” NSC’s website was nearly overwhelmed with visitors seeking information on efforts to change the tax code to limit the ability of Americans to save on their own for retirement.
National Director Robert Crone warned that, “As part of the Administration’s continuing drive to redistribute wealth, the National Seniors Council believes that tax-deferred contributions to retirement plans like 401(k)s and IRAs may very well be on the table in bipartisan budget negotiations going on right now between Congress and the White House. NSC will vigorously oppose any such ‘compromise.’”
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Last Updated ( Tuesday, 26 February 2013 13:15 )
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Read more: NSC Battles Government Efforts to Seize Private Retirement Savings
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Significant Social Security Cuts Remain on the Table |
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Tuesday, 26 February 2013 13:00 |
The National Seniors Council is preparing for all-out war against possible proposals to reform Social Security that will hurt current retirees.
“All three of these measures would significantly change the amount of benefits current seniors receive and NSC will oppose each of them,” National Director Rob Crone warns.
“The problem with Social Security is not that current seniors are too greedy, but that the program is a political mess. Congress has treated the Trust Fund like its own personal piggy bank instead of a retirement fund, current CoLAs don’t reflect the true inflation rate of the cost of goods and services seniors buy, Social Security is already means-tested, and any plan that raises the retirement age for seniors who are about to retire is simply not fair.”
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Last Updated ( Tuesday, 26 February 2013 13:19 )
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Read more: Significant Social Security Cuts Remain on the Table
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AARP Caught in Web of Profit vs. Public Good |
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Monday, 25 February 2013 00:00 |
As Capitol Hill continues to debate solutions for the fiscal cliff, on the chopping block are benefits to federal retirement programs as a part of the debt solution. One powerful voice in the debate may have millions in income riding on the outcome of the legislative compromise. AARP plays a dual role in Washington, with one hand opposing any Medicare or Social Security cut but with the other offering private insurance, including coverage known as Medigap, which supplements government-provided Medicare. According to a Washington Post report, “The group gets a 4.95 percent royalty each time someone buys Medigap insurance with the AARP brand. The Medigap insurance policies bring in hundreds of millions of dollars a year and are among an array of AARP-endorsed products that generate slightly more than half of the group’s $1.4 billion in revenue, according to tax records and people familiar with the group’s operations.” When that kind of money is on the table, we think that their endorsement (or lack thereof) of any legislation should be taken with a grain of salt.
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Last Updated ( Tuesday, 26 February 2013 13:03 )
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Grassroots Campaign for Social Security Preservation Act Continues |
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Tuesday, 26 February 2013 12:57 |
The National Seniors Council continues its grassroots campaign to garner support for the Social Security Preservation Act (H.R. 211). This proposed legislation would protect Social Security from further government raids and prohibit the Obama Administration from turning Social Security into a welfare program in which the program’s funds could be diverted from the Social Security Trust Fund and paid out to people who didn’t earn them. Currently, the legislation was introduced by Representative Ron Paul (R-TX) in January 2012 and was referred to the House Committee on Ways and Means which then sent it to the House Subcommittee on Social Security where it is still stalled. NSC has mailed an urgent petition to key supporters in critical jurisdictions across the nation to urge Congressional action on the measure.
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Last Updated ( Tuesday, 26 February 2013 13:02 )
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