How Congress Kicking the Can Down the Road Will Hurt Seniors

For years, lawmakers have been ignoring a looming problem. Social Security is facing a severe funding issue and will likely have to cut benefits in the coming years.

According to an article by USA Today, “the trust fund that supplements incoming payroll taxes to pay monthly Social Security benefits is expected to run dry by the end of 2032… When that happens, the law requires benefits to be reduced by an estimated 22 percent to ensure the program’s costs do not exceed its revenues.”

The article cites a report by the Committee for a Responsible Federal Budget (CRFB), a nonpartisan, nonprofit think tank, that says dual-income couples planning to retire in six years should expect to receive $16,900 less in annual Social Security benefits if Congress continues to do nothing to shore up Social Security.  

Zooming out, that average couple stands to lose between $161,000 and $194,000 in lifetime benefits, while a couple receiving maximum Social Security benefits could lose out on a half-million dollars in benefits.

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.