Older Americans worked hard to earn their Social Security retirement benefits and, rightfully so, they want every dollar they’re entitled to receive. However, certain situations could result in seeing your Social Security benefits decrease. Money Talk News laid out 12 scenarios that could reduce your Social Security retirement income, and the most concerning might well be “outliving the Social Security trust fund.”

Trust Fund Troubles

The Social Security Board of Trustees’ 2024 report cautions that the Social Security trust fund – the fund used to pay benefits – is in danger of running out of money by 2033. At that time, the report stated that Social Security would only have enough revenue to pay 79% of Social Security benefits. That’s scary news for retirees counting on their full Social Security benefits.

According to the Money Talk News article, “The ongoing retirements of the largest generation in U.S. history, the baby boomers, are challenging the system as the cost of those workers’ benefits grows faster than the amount of payroll taxes the working-age population is paying into the system.”

A Business Insider article reveals that, according to the U.S. Census Bureau, the over-65 population is on track to grow 30% over the next 16 years, encompassing 80 million Americans by 2040. This so-called “silver tsunami,” the moniker given to the imminent surge of Americans age 65 and above entering prime retirement age, will impact everything from Social Security to healthcare and housing.

Lean on Lawmakers

The only way to protect future Social Security benefits is for Congress to act now to enact the Social Security Expansion Act. The Seniors Trust has been working diligently to promote this landmark piece of legislation. When passed, this legislation guarantees the long-term solvency of the Social Security program, ensuring it can pay fully promised benefits for years to come.

The bill will also increase benefits for most recipients by about $200 per month and establish a fairer cost-of-living adjustment (COLA) that takes into account the unique spending habits of seniors.

We need your help to make this happen! Please sign our petition to Congress and tell lawmakers the time to act is now – they must pass the Social Security Expansion Act.