Deep Cuts to Social Security Are Coming
We have reached the end of another year, and we are still no closer to resolving the Social Security solvency situation. According to an article by the Deseret News, the Social Security trustees project that “the trust fund that allows the program to currently pay full promised benefits will be exhausted in late 2032.”
When that happens, in less than seven years, an across-the-board benefit cut will immediately go into effect for all Social Security beneficiaries. The trustees are predicting a 24 percent cut. That equates to $18,400 less per year for an average dual-income couple retiring in early 2033.
Obviously, no one wants to see that happen. Social Security reform needs to happen before time runs out.
The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
