Lawmakers Need to Stop Burying Their Heads in the Sand and Fix Social Security

July 18, 2024 The Seniors Trust

ostrich with head in sand — Image by Vicki Nunn from Pixabay

We are all well aware of the fact that Social Security is facing a funding crisis. Its trust fund is shrinking and if nothing is done to fill the coffers, it may be forced to slash retirement benefits in the next 10 years. While that is certainly a concern for current retirees, it seems future retirees are also growing fearful about their financial future.

A new study reveals that Gen X, people born between 1965 and 1980, worry they will never be able to retire. According to an article by Investopedia, 44 percent of Gen Xers say it will take a “miracle” for them to retire comfortably. The situation is so dire that 46 percent of those surveyed have accepted the fact that they will have to work longer than planned, and 30 percent fear they’ll need to work even after retirement.

Special Circumstances

This is partly because of their unique situation. Gen X is often referred to as the sandwich generation, as they are sandwiched between baby boomers and millennials and are often responsible for caring for their aging parents and young adult children. The article points out that this generation feels significantly more financially insecure than baby boomers and millennials. As a result, many Gen Xers say they face immense pressure to fund their retirement.

Call for Action

The Seniors Trust is committed to protecting the financial future of America’s retirees. We want to ensure that every retired worker receives adequate Social Security benefits and a fair cost-of-living adjustment (COLA).

But that’s not an easy task. Rather than work to help retirees, for years lawmakers have been burying their heads in the sand and ignoring Social Security’s solvency issues. Time is running out.

The Seniors Trust is working diligently to get Congress to enact the Social Security Expansion Act. This landmark piece of legislation would increase benefits by about $200 per month and secure the long-term solvency of the Social Security program, ensuring it is here for today’s retirees and tomorrow’s. It also calls for using the Consumer Price Index for the Elderly to calculate Social Security COLAs, providing retirees with a more realistic COLA each year that actually helps them keep up with rising inflation.