Warning: Experts Say the Future of American Retirement Looks ‘Very Scary’
Retirees aren’t the only ones worried about the future of Social Security. According to an article by MarketWatch, experts with the Brookings Institution are worried that cuts to Social Security or Medicare, two huge support systems for older Americans, could be detrimental.
A big concern is that the trust fund that supports Social Security is running out of money. In about 10 years, it will be unable to pay full benefits. When that happens, recipients could see their benefit checks reduced by as much as 30 percent.
One expert with the Washington, D.C. nonprofit public policy organization said it is critical to keep Social Security on “good footing,” adding: “We don’t want people at age 85 to suddenly find they have to choose between getting their prescriptions filled and going to the grocery store.”
Another financial expert warned, “the American retirement looks very scary” if Social Security can’t be salvaged.
Solvency Plan
The Seniors Trust believes the best way to save Social Security is the Social Security Expansion Act. This landmark bill buttresses the long-term solvency of Social Security by expanding benefits for seniors — not cutting them.
When passed, this legislation will require the wealthiest Americans to pay their fair share. This legislation would lift the income tax cap and subject all income above $250,000 to additional Social Security payroll tax. Under this bill, more than 93 percent of households would not see their taxes go up by one penny.
It would also expand Social Security benefits by $200 per month across-the-board. Retirees would not need to hold off until full retirement age to achieve bigger benefits.
If you agree that this is a viable means of solving Social Security’s solvency issues, please show your support by signing our petition to Congress and join us as we work to improve the lives of senior citizens.
