In the almost 90 years that Social Security has paid out funds to older Americans, seniors have had confidence that the program would be there for them. Payroll taxes have more than covered the benefits paid to seniors. And extra income the program brought in was deposited into the Social Security trust fund to ensure that future generations would be able to depend on their benefits as well.
However, the reality is beginning to look grim—action is needed to ensure that seniors will receive the benefits they deserve.
What Is the Social Security Trust Fund?
The Social Security trust fund is an account where extra funds for Social Security are placed. According to Investopedia, this account invests these surplus funds with the goal of making them grow. While the Social Security trust fund has been a valuable asset in years past, it is running out of funds sooner than expected.
The COVID-19 pandemic has had a significant impact on the world’s economy, and Social Security is no exception. With fewer payroll taxes coming in, the program has had to pull more from this fund. As a result, according to The Motley Fool, the fund will be insolvent in 2034.
How You Can Take Action to Protect the Future of Social Security
The Seniors Center is asking citizens like you to take action. There are a few ways you can make your voice heard. First, you can sign our online petitions. The Seniors Center is calling on Congress and the President to stop the reckless spending of Social Security. Passing the Social Security Lock-Box Act will ensure that benefits are here for hardworking Americans in the future.
It’s time for our government to put the needs of older Americans first. Emailing your legislators and letting them know personally where you stand can also make a difference.