Social Security is facing a severe funding shortfall. The 2026 Social Security trustees’ report projected that the retirement and survivor benefits trust fund will run out of reserves in late 2032. Once that happens, the incoming payroll taxes would cover only about 78 percent of scheduled benefits — that is, unless Congress acts.
This is not the first time retirees have faced this type of solvency situation. According to an article by Elder Law Answers, we faced a similar situation in 1983. At that time, “Congress passed bipartisan reforms shortly before one of the trust funds was projected to run out of money to make benefit payments on time. The changes combined tax increases with benefit adjustments and helped the program continue paying benefits in full for decades.”
Council of Seniors Is Here To Help Older Americans
All of us here at the Council of Seniors want to improve retirees’ financial futures and ensure they receive their full Social Security benefits. We’re working with members of Congress to introduce the “Social Security Restitution Act.” It would provide an estimated $970 one-time payment to every retired worker receiving Social Security benefits, to help offset years of inadequate cost-of-living adjustments.
According to Council of Seniors’ Executive Director Barbara Godwin, “For years, seniors have watched their Social Security checks fail to stretch as far as they should, while the cost of everyday essentials keeps climbing. This legislation is a straightforward, targeted way to help make up for COLAs that didn’t reflect what retired Americans were actually paying to get by.”
Please take a moment and sign our petition today to show your support.