What the Social Security Chief Thinks About Its Future

Social Security is facing a funding crisis. According to Yahoo! News, Social Security’s main trust fund is projected to run out of reserves in 2032. At that point, continuing income would cover 78 percent of scheduled benefits, potentially resulting in a 22 percent reduction in benefits.

While this is a cause for concern for the millions of retirees who rely on their Social Security benefits to get by, the agency is trying to reassure them about its solvency.

Social Security Administration Commissioner Frank Bisignano said, “This is a long journey. It’s 90 years old, and it’ll be around for another 90 years.”

The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual COLA, increased minimum benefits, and ensure the long-term solvency of the Social Security program.