Seniors Giving Back for a Better Future

This week, the news from America was dominated by the Washington Budget Wars as President Obama and the congress struggle to find common ground about what spending to cut and what to save. The Economist pointedly explained that most of the cuts proposed by Republicans and Democrats alike have little or no impact on Social Security, Medicare or most of Defense, the bulk of federal expenditures.

"Why is the federal government so reluctant to propose financial reforms to Social Security?", we wondered. "And why are Americans so reluctant to pay for the government we want and need?", we mused. And finally, we asked, "What could we do to make a difference that might change the course and keep America from going down?"

Then, an idea occurred to us! What if we give back a portion of our Social Security checks each month? This money could either be used to keep the Social Security Trust growing for the future retirees. Even better, perhaps it could be a contribution toward keeping all those valuable programs alive, such as scholarships for lower income students, an investment in our future.

Surely, we'd be sending a message that we're really concerned about the financial situation and want to take action to fix it!

We are financing our wonderful life as Nomad Expatriates mostly on our two monthly checks from Social Security and a small check from Blair's pension. Occasionally, we dip into our retirement savings to maintain cash flow while the rest stays in managed funds. This retirement savings was accumulated over our working lives and, while not vast, is much more than we'll ever need, based on current projections.

How many other folks are in the same financial situation? Perhaps many more seniors could afford and would be willing to give back a portion of their Social Security checks each month, too. Perhaps there are enough of us so that some of those programs that are investments in the future could escape the cuts.


We urge all seniors to analyze their financial situation and consider giving back to invest in the future. This would truly be a change we could believe in!

A few quotes from credible sources for perspective:

Center on Budget and Policy Priorities, http://www.cbpp.org/
CBPP Statement: February 14, 2011
For Immediate Release

Statement: Robert Greenstein, Executive Director, on the President's Budget Proposal

"Measures to restore long-term Social Security solvency also can contribute to deficit reduction in future decades, albeit on a far more modest scale. But here, too, policymakers will not be able to secure sizable savings in the decade ahead. Policymakers across the political spectrum widely agree that changes in Social Security benefits generally should not affect people who are now 55 or over, and that any reforms should phase in changes in Social Security benefits and taxes gradually over a considerable period of time."

Congressional Budget Office, http://www.cbo.gov/
Budget and Economic Outlook: Fiscal Years 2011 to 2021
January 2011

"The resulting federal budget deficit of nearly $1.5 trillion projected for this year will equal 9.8 percent of GDP, a share that is nearly 1 percentage point higher than the shortfall recorded last year and almost equal to the deficit posted in 2009, which at 10.0 percent of GDP was the highest in nearly 65 years."