What You Need to Do Now to Prepare for the Social Security Shortfall
Social Security is facing a looming crisis. Its trust fund is dwindling and, if Congress does not act, it will reach a deficit by 2033. At that time Social Security will have to reduce retirement benefits by more than 20 percent.
According to an article by tododisca, a news source on Social Security, disability, SNAP, and more, there are a few things people should do now to prepare for Social Security’s shortfall:
- Check to see what a reduction in benefits would mean to you.
- Consider applying for benefits early. The article suggests applying sooner, rather than waiting for full retirement age, which might provide you with a larger check before the 2033 crisis takes effect and benefit amounts are reduced.
- Maximize your benefit payment by trying to work as long as you can at the highest income possible.
Call for Action
The Seniors Trust is committed to protecting the financial future of America’s retirees. We want to ensure that every retired worker receives adequate Social Security benefits and a fair cost-of-living adjustment (COLA).
But that’s not an easy task. Time is running out.
The Seniors Trust is working diligently to get Congress to enact the Social Security Expansion Act. This landmark piece of legislation would increase benefits by about $200 per month and secure the long-term solvency of the Social Security program, ensuring it is here for today’s retirees and tomorrow’s.
It also calls for using the Consumer Price Index for the Elderly to calculate Social Security COLAs, providing retirees with a more realistic COLA each year that actually helps them keep up with rising inflation.
Show Your Support
If you want to join the overwhelming majority of Americans calling for Social Security reform, please consider signing our petition to Congress.
