Why 2024 Needs to be the Year Congress Enacts the Social Security Expansion Act

With the start of a new year, we are edging ever closer to the day when Social Security, the lifeblood of millions of older Americans, runs out of money. According to a report by the Lowery Law Group, the Social Security Administration (SSA) only has enough money in its trust fund to pay out every promised benefit to every eligible American for approximately 10 more years. After that point, the SSA estimates it will only have the funds to pay 80 percent of promised benefits.

Nobody wants to see that happen. Especially when you consider that 40 percent of seniors rely on Social Security for most of their income and “fear they won’t be able to retire with security and dignity.”

Mark J. Warshawsky, former deputy commissioner for Retirement and Disability Policy at the SSA, has called for action. He said, “More realistic, responsible and modernizing reform plans on both the benefit and revenue sides showing bipartisan policy leadership are needed to solve Social Security and the larger and growing budget crisis in a fair, reasonable and economically productive manner.”

The time has come for lawmakers to stop ignoring this critical issue and find the resources to expand Social Security and extend its solvency. The Seniors Trust believes the solution is already here — the Social Security Expansion Act introduced by Sen. Bernie Sanders.

“At a time when nearly half of older Americans have no retirement savings and almost 50 percent of our nation’s seniors are trying to survive on an income of less than $25,000 a year, our job is not to cut Social Security,” Sanders said in the statement.  

Under this bill, Social Security benefits for current and existing recipients would be increased by $2,400 a year, and over 93 percent of households would not see their taxes go up by one penny. In addition to increasing benefits, the landmark piece of legislation would establish a fairer cost-of-living adjustment (COLA) based on the actual spending habits and expenses – particularly healthcare – facing older Americans.

The Social Security Expansion Act is already receiving a lot of support. It’s endorsed by 56 prominent organizations. It’s time you lend your support as well. Tell your lawmakers it’s time to finally enact the Social Security Expansion Act by signing our petition to Congress.