Budget Buster – Social Security Benefits Could Soon Be Slashed
The latest report from the Social Security Administration is not good. The agency predicts the trust fund it uses to pay Social Security retirement benefits is facing a shortfall as soon as 2033 – that’s one year earlier than originally forecast. The change is due to the COVID-19 pandemic and 2020 recession. If our government does not do something to rectify this, the program will only be able to pay 78% of benefits as scheduled. CNBC produced a short video explaining the situation and what it means to the average retiree.
Experts say major solutions to fix the shortfall will most likely need to come from increasing taxes or slashing benefits. The Seniors Trust has a solution. We’re calling on Congress to pass the Social Security Expansion Act. This landmark piece of legislation would secure the long-term solvency of Social Security and increase monthly benefits. You can show you lawmakers you support this bill by signing our petition.
