The Clock is Ticking to Shore Up Social Security
The Social Security trust fund reserves are draining quickly. According to Fox Business, the latest Social Security Administration Trustees Report confirms that “the federal retirement safety net is less than seven years away from fiscal depletion, as the Old-Age and Survivors Insurance (OASI) trust fund will completely exhaust its accumulated reserves in the fourth quarter of 2032.”
The report notes that once that happens, tax revenue will cover only 78 percent of scheduled retirement benefits. Retirees could see their benefits cut by 22 percent. Obviously, no one wants that to happen.
It’s time lawmakers make this a priority and figure out how to save this crucial program millions of older Americans rely on.
The Seniors Trust is committed to improving the financial well-being of older Americans by passing the Social Security Expansion Act. Not only will this landmark bill ensure the long-term solvency of the Social Security program, but it will also give retirees an immediate increase of about $200 a month in benefits and a fair annual cost-of-living adjustment (COLA).
