The WEP/GPO, Social Security and seniors in poverty.

As a retired Illinois teacher my state pension will go up 3% compounded in 2023, as it does every year.

Social Security, will go up 8.7% because it is tied to inflation.

Illinois teachers do not receive Social Security unless they paid into it for 40 quarters working in the private sector.

I did that.

I paid into Social Security for 20 years prior to becoming a teacher for 30 years.

Because of a federal law, the WEP/GPO, my retirement benefit is reduced by two thirds leaving just enough to cover my Medicare.

It is a punitive law and should be repealed.

While the Social Security inflation driven increase in the benefit is welcome, it does not address the inadequacy of Social Security.

The rate of poverty has increased among the elderly, despite improvement among all other age groups.

The poverty rate among Americans 65 and older rose to 10.3% in 2021 from 8.9% in 2020.

Healthcare costs are literally killing many of those my age.

It is calculated that a 65-year-old with an average Social Security benefit of $31,700 next year can expect healthcare to consume $14,120 of that income.

Mark Miller who reports on retirement issues points out,

Should we decide to expand benefits, there are plenty of options to pay for it. A partial solution is to increase the cap on wages subject to FICA taxes, which will be $160,200 in 2023.

In other words, the wealthiest are sheltered from Social Security taxes while those who earn less pay a larger percentage of FICA taxes.

How is this fair?