By now you’ve probably heard about the U.S. Treasury report that revealed the Social Security trust fund may only be able to pay out full benefits until 2033 – that’s one year earlier than previously predicted. The situation is not as doom and gloom as many make it out to be. Social Security is not going away entirely, but it could be cut drastically. A Yahoo! Money article found that the worst case scenario would be that benefits to be paid that year will have to be cut across the board by 25%. That’s obviously not acceptable – retirees need the full benefits they earned – so something must be done and fast.

It’s Time to Act

The report stated that if there is no meaningful federal action by 2033, Social Security would shift to pay out 76% of its scheduled benefits. Budget experts worry that time is running out to ‘sensibly’ save Social Security in the form that people have come to expect. The time has come for Congress to make Social Security a priority.

The article pointed out that none of the ideas floated so far have been pursued. Lawmakers have proposed convening a bipartisan group with the power to plan for the federal trust funds and increasing payroll taxes and instituting new taxes on the highest income earners to raise benefits. But none of these plans have made much headway in Washington.

The Solution Is Here

The Seniors Trust believes the answer is right in front of us. It’s time for Congress to finally enact the Social Security Expansion Act. Not only will this landmark bill buttress the long-term solvency of Social Security, but it will also expand benefits for seniors – not cut them.

The people have spoken – our survey shows those polled unanimously want to see this bill passed in order to increase benefits and protect the financial security of America’s retirees – now and in the future.