There’s been a lot of talk lately about the future of Social Security and the fear it is on the brink of running out of money. Analysts do predict the Social Security trust fund could be tapped out by 2034. However, USA Today points out three reasons Social Security could be safer in some ways than you might think:
- It’s funded by payroll taxes. As long as people are still working, Social Security is still being funded.
- It has cash reserves. Social Security has a ‘savings account,’ if you will. It can tap into its trust fund if the benefits it needs to pay out exceed how much it collects in revenue.
- It can collect more money. There are ways, such as increasing payroll taxes, to shore up Social Security finances. But Congress is hesitant to push this because no one wants to see hardworking Americans have to pay more taxes.
The Seniors Trust has a plan to truly guarantee financial security for retirees:
Congress must pass The Social Security Expansion Act, which would also increase monthly benefits to retirees and ensure the long-term solvency of the program. The Seniors Trust needs your support to get lawmakers to pass this important piece of legislation. You can show your support by signing our petition.