Inaction could cost future North Dakota retirees nearly 25 percent of their Social Security check

The 463,000 North Dakota workers who are paying into Social Security today stand to lose 25 percent of their benefits if the President and Congress don’t act. That’s according to a new analysis conducted by AARP.

The 463,000 North Dakota workers who are paying into Social Security today stand to lose 25 percent of their benefits if the President and Congress don’t act. That’s according to a new analysis conducted by AARP.

Although the revenue shortfall faced by the Social Security system that could result in cuts is not imminent, the Social Security Trustees reported in June that the trust fund would run dry in 2034. After that time, across-the-board cuts of nearly 25 percent would take effect if no action is taken.

“Doing nothing is not an option. The question is how long will our leaders wait to act,” said AARP North Dakota State Director Josh Askvig. “Federal candidates need to give voters real answers on how they will update Social Security for future generations.”

Consider what a 25 percent cut to Social Security benefits would mean for future North Dakota retirees.

• The average annual family income of North Dakota retirees would plunge by $4,000. For many state residents, losses would be much higher.

• The poverty rate of older North Dakotans would skyrocket 83 percent. Some 5,300 additional seniors would be pushed into poverty.

• North Dakotans typically spend $5,700 a year on groceries, $3,800 a year on utilities, and $6,100 on health care. A cut of nearly 25 percent would force households to make painful choices about what to buy and what to do without – at a time when the cost of necessities like food and prescription drugs continues to rise.

“This snapshot of the potential effects of inaction on future generations makes it abundantly clear that Social Security needs to be a top priority in the presidential debate,” said Askvig. “Voters deserve to know how all federal candidates’ plans will affect families, what they will cost and how they’ll get it done.”

That is why AARP launched Take A Stand – a national campaign focused on pressing presidential candidates to show leadership on Social Security. For more information, go to 2016takeastand.org.







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