Social Security Trust Fund is Draining Faster Than First Thought

About 70 million Americans receive Social Security benefits. For many of them, it’s the sole source of retirement income. That’s why the fate of the Social Security trust fund is so critical.

A new report by The Detroit News, citing the Congressional Budget Office, states the trust fund is now expected to run dry by 2032 — that’s a year earlier than previously thought! When that happens, Social Security recipients could see an average 28 percent cut to their monthly retirement benefits.

It’s clear that time is running out for Congress to act to shore up Social Security. 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 benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), and increased minimum benefits.