We’re Experiencing a Social Security Deficit Deja-Vu
The 2026 Social Security trustees’ report revealed that the retirement and survivor benefits trust fund is projected to run out of reserves in late 2032. Once that happens, the incoming payroll taxes would cover only about 78 percent of scheduled benefits — that is, unless Congress acts.
This is not the first time retirees have faced this type of solvency situation. According to an article by Elder Law Answers, we faced a similar situation in 1983. At that time, “Congress passed bipartisan reforms shortly before one of the trust funds was projected to run out of money to make benefit payments on time. The changes combined tax increases with benefit adjustments and helped the program continue paying benefits in full for decades.”
The Seniors Trust believes a viable solution to solving Social Security’s solvency issue already exists. We are committed to encouraging lawmakers to enact the Social Security Expansion Act. This landmark piece of legislation will give retirees an immediate increase of about $200 a month in benefits, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and, perhaps most important, ensure the long-term solvency of the Social Security program for decades to come.
