Social Security is Facing a Solvency Crisis. Are Americans Giving Up Hope for its Future?
The future of Social Security is anything but secure. The program is facing a looming shortfall and could be forced to slash benefits within the next ten years. So, it’s no wonder Americans — especially seniors — are worried.
A MarketWatch report cites a recent survey by the Transamerica Center for Retirement Studies that found seven out of ten people polled are concerned that Social Security will not be there for them when they are ready to retire. And half of them said that Social Security cuts are their greatest retirement fear, even greater than the fear of getting dementia.
Saving Social Security
It’s time lawmakers act to shore up Social Security solvency and alleviate the fears that are stressing their constituents.
The Seniors Trust believes the solution has already been introduced. We want Congress to enact The Social Security Expansion Act. This landmark bill buttresses the long-term solvency of Social Security by expanding benefits for seniors — not cutting them.
If passed, this legislation will make four major changes to Social Security for retirees:
• Benefits will be increased for most recipients by about $200 per month.
• The Consumer Price Index for the Elderly (CPI-E) will be used to calculate Social Security Cost-of-Living Adjustments (COLAs) instead of the Consumer Price Index for Urban Wage Earners (CPI-W) used currently. The CPI-E takes the unique spending habits of seniors into account — particularly regarding the cost of healthcare — and offers a more realistic COLA for retirees.
• The minimum Social Security benefits would be increased to provide higher payments to seniors and greatly reduce senior poverty.
• The long-term solvency of the Social Security program would be guaranteed.
Show Your Support
Congress is returning to Washington this week to convene its next session. Now is the perfect time to tell your lawmakers to enact the Social Security Expansion Act. Please sign our petition and join us as we strive to improve the lives of retirees today and far into the future.
