Seniors • Social Security • Stability • Retirement
Protect the Economic Security of Seniors
A proactive plan to protect New Mexico seniors from potential Social Security cuts by creating a state-backed supplemental program that preserves financial stability and dignity in retirement.
The Social Security Trust Fund is running short of money, and given the partisan divide in Washington, I’ve little faith the Congress will be able to agree on a plan to keep it healthy.
Seniors face the prospect of seeing their Social Security checks reduced by 20% in the coming years.
I want to create the New Mexico Supplemental Assistance Program. It will provide Gap Pay for retirees who experience SSI reductions.
In 2022, 19.2% of New Mexico’s population was aged 65 or older, surpassing the national average of 17.3%.
This percentage translates to approximately 403,200 residents out of a total population of 2,100,000. Additionally, about 23% of these individuals, or roughly 70,000 residents, rely exclusively on Social Security income.
Using the revenues generated by diversifying our sources of energy, I propose setting aside $1 billion each year to establish a guaranteed annuity for residents aged 65 and older who face reductions in their Social Security benefits.
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