By now, everyone knows that Social Security is facing a severe funding shortage. Benefits could be slashed by about 20 percent in just a few years. Time is running out to find a solution.
CBS News recently reported on a new proposal to avoid insolvency. A study by the Committee for a Responsible Federal Budget (CRFB), a nonpartisan think tank focused on fiscal and budgetary issues, found that “about 1 million individual Social Security beneficiaries receive at least $50,000 in annual payments, or more than $100,000 for a retired couple.” By capping Social Security payments at those levels, the United States would “save as much as $190 billion over a decade and close at least 20 percent of the program’s solvency gap.”
The article went on to explain that the CRFB proposal “suggests indexing the $100,000 benefit threshold either to inflation or by using wages as a peg. That would guard against middle- and low-income households being affected by the proposed cap as the Social Security Administration issues cost-of-living increases.”
Council of Seniors is Here to Help Older Americans
Solving the insolvency crisis is just part of the problem plaguing our Social Security system. Retirees are struggling financially because benefits do not keep up with inflation. The cost-of-living-adjustment (COLA) has not been sufficient, causing millions of seniors to struggle.
Older Americans worked long and hard and deserve to live a comfortable retirement. All of us here are 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.