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HR0606 |
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LRB094 13818 CSA 48688 r |
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| HOUSE RESOLUTION
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| WHEREAS, According to the American Association of Retired |
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| Persons, almost two-thirds of Social Security beneficiaries |
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| (62.8 percent) are retired workers; and
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| WHEREAS, The average monthly retirement benefit for a |
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| retired worker is $955 and for an aged couple where both are |
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| beneficiaries, the amount is $1,574; and
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| WHEREAS, Social Security is the dominant source of income |
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| for people age 65 and older with more than two-thirds of all |
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| those older than 65 dependent on Social Security for more than |
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| 50 percent of their income; and
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| WHEREAS, Close to 80 percent of African Americans and 76 |
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| percent of Hispanics age 65 and older depend on Social Security |
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| for more than 50 percent of their income and almost 75 percent |
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| of unmarried women rely on Social Security for half or more of |
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| their income; and
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| WHEREAS, Today, of the almost 159 million people who work |
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| in jobs covered by Social Security, about 90 percent are wage |
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| and salaried taxpayers and 10 percent are self-employed |
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| taxpayers and the FICA taxes workers paid in 2004 represented |
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| more than $553 billion in Social Security revenue; and
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| WHEREAS, Some beneficiaries also contribute to the system |
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| by paying taxes on a portion of their benefits of which $15.7 |
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| billion of the income to the OASDI trust funds came from |
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| taxation of benefits in 2004; and
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| WHEREAS, According to the Social Security Administration, |
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| Social Security retirement benefits are not awarded in the year |
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| that the beneficiary is eligible to receive them, nor for the |
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| first month following the beneficiary's birth date; and
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