Social Security is facing a funding shortfall. According to the Social Security Board of Trustees report, “fund reserves will become depleted, with 100 percent benefits being paid only through 2033.”
A Yahoo! Finance article explains that this is happening because Social Security is paying out more in benefits than it is taking in through payroll taxes. The situation will continue to grow more dire with each passing year, as fewer workers are funding more recipients.
A graph in the article illustrates the dilemma, showing that in 1965, 4.0 workers were paying into the system for every one recipient. Today, it’s about 2.7 workers per beneficiary. And by 2045, it’s expected to be 2.2 workers per Social Security recipient.
If nothing is done to shore up Social Security, benefits will be slashed.
Council of Seniors is Here to Help Older Americans
Older Americans worked long and hard and deserve to live a comfortable retirement free from financial strain.
All of us here at the Council of Seniors want to improve retirees’ financial futures – and that starts with Congress enacting The SAVE Benefits Act. The passage of this bill can make up for Social Security cost-of-living adjustments (COLAs) that have let you down in recent years. If it passes, $581 will be returned to eligible seniors.
Sign our petition right now to show you’re on board with our effort.