Retirement Security

November 12, 2015

NYSARA Joins the Fight for 15

On November 10th the New York State Alliance for Retired Americans joined a coalition to lobby the New York State Legislature to raise New York’s minimum wage to a living wage of $15. Some may ask why a group of “retired” persons have any interest in this issue. There are several reasons why. An improved economy for those that make minimum wage floats all boats. It give the economy a kick start as minimum wage earners spend their money therefore increasing demand and increasing the number of jobs. All people on a payroll contribute to the Social Security and Medicare trust funds in a proportion to income, therefore more earnings translates to a healthier Social Security and Medicare trust fund. Many senior retirees are still in the workforce part or full time in order to make ends meet. The current average Social Security benefit is $15,500 per year, less than the current NYS minimum wage. ($18,000 for a 40 hour 50 week a year employee) Since more than 50% of seniors in New York rely on Social Security for more than 50% of their income and 25% rely on Social Security for 90% of their income the ability to supplement income at a “living” wage is an issue for seniors. Contrary to the negative rhetoric that has been circulated, teenagers are not the only people making minimum wage and increasing the minimum wage historically has NOT led to job loss because the increase in minimum wage “stimulates” the economy. Join NYSARA and our partners to inform your legislators that the minimum wage MUST be increased for ALL workers. It only makes sense.