Time is Running Out to Shore Up Social Security – Here Are a Few Solvency Solutions

We are running out of time to shore up Social Security’s solvency issue. If Congress does not take action, the program so many older Americans rely on will deplete its reserves and have no choice but to cut promised benefits. According to a report by KCRA 3 in Sacramento, California, beyond cutting benefits or increasing taxes — two choices no one wants — there are a few other options to consider. These include “raising the retirement age, tying initial benefits to inflation instead of wages, and reducing the amount paid to wealthier beneficiaries.”

We believe there is a better solution — the Social Security Expansion Act. In addition to ensuring the long-term solvency of the Social Security program, this landmark piece of legislation will give retirees an immediate benefits boost of about $200 per month and establish a fair annual cost-of-living adjustment (COLA). The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act.