Chances are you’ve heard the dire warnings that Social Security is going bankrupt. That’s not true, but its trust fund is facing a deficit. The problem is, as CNBC revealed, demographics in our country have changed drastically. The ratio of workers to retirees is shrinking and people are living longer. If nothing changes, the trust fund could be depleted by 2035. Even at that time, Social Security will not be bankrupt. It will still collect payroll tax revenue, but benefit amounts will likely have to be reduced.
It’s not too late to shore up Social Security. But Congress needs to take action now. The article said one option is the Social Security Expansion Act put forward by Sens. Bernie Sanders, I-Vt., and Elizabeth Warren, D-Mass. It would extend Social Security’s solvency for 75 years and increase benefits by $2,400 per year.
The Seniors Trust is in total agreement. We are staunch supporters of this landmark bill. But we need your help to ensure passage of the Social Security Expansion Act to strengthen, protect, and guarantee seniors the Social Security benefits they earned.