Almost All Americans Want Government Action Now on Social Security Solvency

The clock is ticking. If nothing changes, the Social Security trust fund will deplete its reserves in less than 10 years. When that happens, benefits will be slashed as much as 30 percent. This can be avoided if lawmakers act now to shore up Social Security.

According to research from the National Institute on Retirement Security (NIRS), reported in a PR Newswire post, 79 percent of Americans say we are facing a retirement crisis. Almost all Americans — 87 percent — think Congress should act now to shore up Social Security funding rather than wait a decade to enact a solution. Ninety percent say it should be a priority for the next president and Congress to tackle Social Security’s funding shortfall.

“The research tells us that Americans don’t want Congress to kick the can down the road when it comes to ensuring the long-term sustainability of Social Security,” said NIRS Executive Director Dan Doonan. “Americans want action now. This isn’t surprising because Social Security is a highly successful government program that is both popular and essential for millions of older Americans. Delaying decisions on funding only creates more financial anxiety for Americans and makes an eventual solution more expensive.”

Solvency Solution

The Seniors Trust believes the Social Security solvency solution has already been introduced. We want Congress to enact The Social Security Expansion Act. This landmark bill buttresses the long-term solvency of Social Security by expanding benefits for seniors — not cutting them!

If passed, this legislation will make four major changes to Social Security for retirees:

1. Benefits will be increased for most recipients by about $200 per month.
2. The Consumer Price Index for the Elderly (CPI-E) will be used to calculate Social Security Cost-of-Living Adjustments (COLAs) instead of the Consumer Price Index for Urban Wage Earners (CPI-W) used currently. The CPI-E takes the unique spending habits of seniors into account — particularly regarding the cost of healthcare — and offers a more realistic COLA for retirees.
3. The minimum Social Security benefits would be increased to provide higher payments to seniors and greatly reduce senior poverty.
4. The long-term solvency of the Social Security program would be guaranteed.

Please sign our petition to Congress and tell lawmakers the time to act is now. They must pass the Social Security Expansion Act.