Social Security is facing a severe funding issue and will likely have to cut benefits in the coming years.
According to an article by USA Today, “the trust fund that supplements incoming payroll taxes to pay monthly Social Security benefits is expected to run dry by the end of 2032… When that happens, the law requires benefits to be reduced by an estimated 22 percent to ensure the program’s costs do not exceed its revenues.”
Lawmakers only have a few years left to solve this insolvency crisis. While there has been a lot of talk lately, there has been little action, and retirees will ultimately pay the price for that.
The article cites a report by the Committee for a Responsible Federal Budget (CRFB), a nonpartisan, nonprofit think tank, that says dual-income couples planning to retire in six years should expect to receive $16,900 less in annual Social Security benefits if Congress continues to do nothing to shore up Social Security.
Zooming out, that average couple stands to lose between $161,000 and $194,000 in lifetime benefits, while a couple receiving maximum Social Security benefits could lose out on a half-million dollars in benefits.
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 payment to every retired worker receiving Social Security benefits to help offset years of inadequate cost-of-living adjustments (COLAs).
Please take a moment and sign our petition today to show your support.