Social Security is in danger. If nothing is done, the program could reach insolvency in about 10 years. The longer Congress procrastinates the harder it’s going to be to fix this situation. According to an opinion piece in MarketWatch, the delay will end up costing future workers and retirees big time. It states: “for every dollar of revenue that the program has collected since 2018, it created $3 of promises that no one expects will be kept.”

When Will the Money End?

At the rate things are going, the article says it’s not only future generations that might not get their full Social Security benefits but also today’s retirees. According to the Social Security Administration, an average 77-year-old woman expects to outlive the system’s ability to pay its bills in full. 

Making matters worse, the author states that the cost of grandfathering existing retirees — not touching the benefits of those already collecting Social Security — is now more expensive for future retirees than doing nothing at all.

We Must Act Now

The time has come for Congress to take action to secure the long-term solvency of Social Security. We must shore up the trust fund before it is exhausted in 2034.

A current piece of legislation — Social Security 2100: A Sacred Trust — would create temporary benefit increases and extend the program’s prospects by four years to 2038. We need to do better.

The Seniors Trust wants lawmakers to enact the Social Security Expansion Act. It calls for lifting the cap on Social Security taxes to ensure that the wealthiest Americans pay a fairer amount in relation to their income. The bill’s sponsors say doing so would “extend the solvency of Social Security for about 52 years to the year 2071”.

Additionally, the Social Security Expansion Act would provide bigger monthly benefits — about $65 on average — and establish a fairer cost-of-living adjustment (COLA).