U.S. President Donald Trump speaks during a meeting with Republican members of Congress in the State Dining Room at the White House in Washington, U.S., May 8, 2020.
Tom Brenner | Reuters
President Donald Trump is reportedly considering another way to get more money to struggling Americans by letting them take an advance on their Social Security benefits.
Many Americans are eager for more financial help from the effects of the coronavirus as the government wraps up sending millions of $1,200 checks to individuals who qualify.
However, some Republican lawmakers are digging in their heels at the thought of sending more money, due to the high price tag.
The Trump administration is said to be considering prepaying Social Security retirement benefits to workers before they are eligible, according to The Washington Post. Generally, workers have to be at least 62 and have worked and paid into the system for at least 10 years in order to collect benefits.
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One proposal the White House is reportedly considering calls for letting Americans take up to $5,000 from Social Security now in exchange for delaying their benefits in the future, according to The Washington Post.
Social Security advocates fear this could be the beginning of efforts to curtail the program. Currently, about 45 million retired workers depend on Social Security, with average monthly benefits totaling $1,503.
In a statement, Richard Fiesta, executive director of the Alliance for Retired Americans, slammed the proposal.
“Asking working Americans to give up even one dime of their future Social Security benefits to survive today’s economic crisis is a harebrained idea that would hurt families for decades to come,” Fiesta said.
The White House declined to comment.
This is a developing story. Please check back for updates.