New York State Policy Manager for Vibrant Emotional Health, Lisa Elder, alongside Katie Keys, our dedicated Public Policy Coordinator, had the privilege of attending Politico's and AARP's event, "Finding Balance: What's Next for Social Security?" This event underscored the critical challenges facing Social Security, a lifeline for millions of older Americans, and highlighted the urgent need for solutions to sustain this essential program.
Social Security plays a pivotal role in ensuring older adults' financial security and well-being. It keeps over 16 million Americans aged 65 and above out of poverty each year, with 40% relying on these benefits for at least half of their income. However, the system is facing significant financial strain, and without timely interventions, beneficiaries could see their hard-earned Social Security benefits cut by 20% or more by 2035.
The Event: A Platform for Crucial Conversations
The event brought together key policymakers and thought leaders, including Representative Andrew Garbarino (R-NY), Representative Pat Ryan (D-NY), Julietta Lopez from the Hispanic Federation, Stephen Miran from the Manhattan Institute, and Jonathan Bowles from the Center for an Urban Future. Their insights illuminated the complexities of the current Social Security landscape and the pressing need for structural reforms.
Speakers emphasized the importance of candid conversations with the American public about the program's challenges and the necessity of structural reforms that fortify the program's financial underpinnings, ensuring it remains robust and capable of supporting future generations. Equally important is our commitment to ensuring that older adults have access to their Social Security benefits, removing barriers, and streamlining processes so that those in need can easily obtain the support they deserve.
Implications for Mental Health
The potential cuts to Social Security are not just a financial issue; they also have profound implications for the mental health and overall well-being of older adults. Financial insecurity can lead to increased stress, anxiety, and depression, further compromising the quality of life for older individuals. At Vibrant Emotional Health, we understand that stable financial support is crucial for maintaining mental health, especially for older populations who already face numerous challenges.
Financial stability through programs like Social Security is essential for older individuals to live independently and with dignity. Cuts to Social Security benefits could limit their access to necessary resources, social connections, and care, exacerbating mental health challenges and undermining the progress we've made in supporting their well-being.
The Path Forward
As we look ahead to the 2024 elections and beyond, we must advocate for policies that protect and strengthen Social Security. Congress must act decisively to implement reforms that ensure the program's long-term viability and accessibility.
By working together with policymakers, community leaders, and advocates, we can find sustainable solutions that uphold the integrity and purpose of Social Security, providing a secure and dignified future for all older Americans.
To read more about these views about the future of Social Security for New Yorkers, click here.