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Last week the Social Security Trustees released their latest report on the status of the Social Security Trust Fund. The Trustees project that reserves held in the combined Social Security retirement and disability Trust Fund will become depleted by 2034, one year earlier than projected last year. At that point, the program could still pay out 80% of benefits.
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Contrary to the claims of media pundits and opponents of Social Security, this program is not ‘going bankrupt’; it will always be able to pay benefits because of ongoing contributions from workers and employers.
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In fact, this is yet another Trustees report showing that Social Security remains strong in the face of turmoil in the rest of the economy. Its projected insolvency date has stayed roughly the same even after a global pandemic and recent economic upheavals.
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Yet, while the Trust Fund insolvency date may fluctuate from year to year, the urgent need to boost the program’s financing and benefits remains consistent.
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That’s because a 20% benefit cut that looms ahead if Congress take NO action to shore up the program poses a huge financial risk for the millions of retirees who depend on Social Security for most if not all of their income.
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That’s why the National Committee is urging members of Congress to ACT NOW to strengthen Social Security by passing legislation in Congress, including the “Social Security Expansion Act” and the soon-to-be-reintroduced “Social Security 2100: A Sacred Trust Act” that will boost benefits, fix the Cost-of-Living Adjustment (COLA) formula and require the wealthy to pay their fair share into the program.
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With so much at stake, I really hope we can count on you to stay informed, get involved and make a difference in the fight to protect and strengthen Social Security for current and future beneficiaries!
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Sincerely,
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Max Richtman
President & CEO
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