Majority of Americans Fear Future of Social Security
It’s no secret that the Social Security trust fund is in danger. If nothing changes, it could be depleted as soon as 2034. However, people often mistake that to mean that Social Security is going broke. A recent USA Today article cited a study that found 73 percent of workers believe Social Security will not be there for them when they retire.
The truth is that even if the trust funds run dry, Social Security will still be able to pay benefits — but those benefits may not be as big as they should be. Social Security’s incoming revenue is only enough to cover about 78 percent of promised benefits, so future retirees could see a drastic cut in expected benefits.
This could be avoided if Congress were to pass the Social Security Expansion Act. The Seniors Trust is working diligently to see this landmark piece of legislation be enacted. Not only would it secure the long-term solvency of Social Security, but it would give retirees an automatic benefits boost and create a fairer cost-of-living adjustment (COLA). You can show your support by signing our petition.
