Seven years. That’s not very long, but that’s about how long lawmakers have to solve the Social Security solvency crisis.
According to Fox Business, the latest Social Security Administration Trustees Report confirms that “the federal retirement safety net is less than seven years away from fiscal depletion, as the Old-Age and Survivors Insurance (OASI) trust fund will completely exhaust its accumulated reserves in the fourth quarter of 2032.”
The report notes that once that happens, tax revenue will cover only 78 percent of scheduled retirement benefits. Retirees could see their benefits cut by 22 percent. That would be devastating to the millions of seniors struggling financially these days.
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.