Dear John,

The Social Security Trustees’ latest report indicates that this popular and effective anti-poverty program will remain solvent until 2034. If Congress takes no action and the Trust Fund becomes depleted, Social Security still could pay 78% of benefits because of the steady inflow of revenue from workers’ payroll contributions.

However, given that millions of retirees depend on Social Security for most, if not all, of their income in retirement, any cut to earned benefits would be disastrous. So, while there is no need to sound the alarm, now is the time to address Social Security’s long-term solvency — and provide an overdue boost in benefits.

Living on an average monthly benefit of $1,540 is tough. Retirement savings are dwindling, pensions are disappearing, and the cost of senior housing and medical care are soaring. For over six years, U.S. Representative John Larson (CT-01) has been driving efforts to strengthen Social Security by requiring the wealthy to pay their fair share into the program (currently, individuals do not pay into Social Security on wages above $142,800) — which would bring in vital revenue to extend the program’s solvency and boost benefits.

Representative Larson has also proposed an across-the-board benefit boost for all retirees, enhanced benefits for the most vulnerable seniors and a more accurate formula for calculating annual Cost-of-Living Adjustments (COLAs) so that benefits truly keep pace with inflation. We anticipate he will introduce his new Social Security bill after the U.S. House of Representatives returns from summer recess.

Older Americans have waited a long time for these vital improvements to Social Security, so please stay tuned on how you can help us push this important bill over the finish line in Congress in the weeks ahead.

Sincerely,

Max Richtman
President & CEO