There are growing concerns about the long-term solvency of the Social Security program. According to a recent CNBC report, projections show the Social Security trust fund is shrinking and if things don’t change soon, the system will only be able to pay about 80% of benefits by 2035. One idea on how to bolster future benefits is to raise the age at which people become eligible for full benefits.
Currently, the full retirement age is inching its way up to age 67. (For people who become eligible for retirement benefits in 2021, the age is 66 years and 10 months.) But there are calls to raise the full retirement age to 70. The reasoning being that people are living longer today and increasing the full retirement age would allow workers to contribute to the Social Security system for more years, thus growing its trust fund. Concern is that not every worker is able to work until they are 70, especially those in jobs demanding physical labor, so this could push more individuals to need Social Security disability benefits, which would put additional financial strain on the program.
The best solution is to pass the Social Security Expansion Act.
This landmark piece of legislation lays out a plan to “extend the solvency of Social Security to the year 2071”. The Seniors Trust is committed to ensuring passage of this bill, thereby protecting and expanding Social Security retirement benefits for every American senior. Please show your support for this important mission by signing our petition to the representatives in Congress.