For Immediate Release: January 5, 2011
Contact: Alan Barber, (571) 306-2526
WASHINGTON, DC- As the 112th Congress convenes today, Social Security is likely to be a hotly discussed issue over the course of this session. Recently, Senator Michael Bennet of Colorado said that he would not get Social Security benefits when he retires if the program is not fixed immediately. But a new issue brief from the Center for Economic and Policy Research (CEPR) demonstrates that Social Security will be able to pay full benefits for all Senators through 2037 and almost 80 percent of their benefits thereafter, even with no changes to the program at all.
The CEPR issue brief uses projections from the Social Security Trustees Report to show the payable Social Security benefit for every Senator in the 112th Congress. In all cases, the Senators will receive a substantial benefit after they retire as long as they live. In Senator Bennet’s case, he would receive a benefit of $37,329 a year if he retires at age 67 in 2031.
The issue brief and table of benefits for U.S. Senators can be found at http://www.cepr.net/documents/publications/senators-ss-2011-01.pdf.