Understanding the Social Security Crisis and What Can be Done to Fix It

Predictions indicate that the Social Security trust fund will be depleted in less than 10 years. At that time, current payroll taxes will only be able to fund about 83 percent of promised benefits. This is not the first time Social Security has faced a deficit and it likely won’t be the last unless a major reform occurs.

Tax Foundation, the world’s leading nonpartisan tax policy nonprofit, took a deep dive into Social Security reform. It’s a long article but worth a read because it does an excellent job of explaining how Social Security works, why it’s facing a funding crisis, past reform plans and current proposals, as well as what other countries do to support retirees.

The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), and increased minimum benefits. Additionally, this bill includes a workable plan to ensure the long-term solvency of the Social Security program.