What the Prospect of Social Security Means Testing Could Mean To You
According to the latest Social Security Trustees report, the agency’s trust funds could run dry by 2034. Once this happens, recipients could see their monthly benefits cut. Obviously, no one wants to see that happen, but it could be a reality if lawmakers don’t step in to shore-up the system. USA Today looked at three ideas being tossed around to help save Social Security:
- Social Security payroll taxes could increase
- Wage cap could be lifted
- Seniors could be means tested
That last one has many concerned. According to the article, right now Social Security is not limited to those who need money. It’s there for anyone who paid into the system during their working years. Some lawmakers are toying with the idea of means testing seniors and reducing or eliminating benefits for the wealthy. This totally goes against the foundation of Social Security – it is a benefit for all American retirees.
With the trust fund shrinking, it’s obvious something needs to be done to secure Social Security. The Seniors Trust believes the Social Security Expansion Act is our best bet. Please add your name to our petition telling Congress it’s time to take action and pass this crucial bill.