Crash Course in Social Security Basics

It’s back-to-school season, and that’s the perfect time to brush up on your Social Security knowledge. CBS News’ Money Talk did a great segment explaining how Social Security works, the solvency crisis, and what it means to you. In very simple terms, this report outlines how your benefit payment will be impacted if lawmakers don’t come up with a plan soon to shore up Social Security.

A viable plan already exists. The Seniors Trust is committed to improving the well-being of older Americans. We are doing that financially by encouraging lawmakers to enact the Social Security Expansion Act. This landmark piece of legislation will give retirees an immediate increase of about $200 a month in benefits, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.