Time is running out for lawmakers to come up with a plan to shore up Social Security. Its trust fund is expected to run dry in 2032. At that time, the program will no longer be able to pay full benefits. Obviously, no one wants to see that happen — especially not the millions of retirees who rely on Social Security for their retirement income.
So far, Congress has not been able to come up with an agreeable plan. A recent report by NPR’s Planet Money looked at what would happen if the government were to invest the Social Security trust fund in the stock market like Canada did in the ’90s.
The news report said: “Their trust fund that has been built up with equities is now equal in size to 25 percent of their gross domestic product.”
Unfortunately, it’s too late for the U.S. to try this. Our trust fund is already too depleted; there simply isn’t enough time to salvage it.
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 are 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.
Please take a moment and sign our petition today to show your support.