As more Americans reach retirement, the Social Security system is increasingly strained. The program is currently facing a massive shortfall, and something needs to be done in order to save it. Our plan to save Social Security provides a roadmap for how to restore solvency and keep the program strong for future generations.
With no benefit cuts or tax hikes, our proposal would actually increase benefits for most retirees—making it a much fairer system overall.
How Our Plan Will Pay Back the Trust Fund
The first step in our plan is to pay back the Social Security Trust Fund. This fund, ideally, would function as a cushion to help cover benefits during periods when more people are retiring than there are workers paying into the system. Unfortunately, the trust fund has been depleted in recent years and is currently projected to be exhausted by 2034.
Why is it running low? The money that comes in from payroll taxes (which workers pay into the system) has been used to fund other government spending, rather than being set aside specifically for Social Security. This “raid” on the Trust Fund is the primary reason why Social Security is in such dire straits.
The money in the Trust Fund needs to be paid back. Using the fund as a true savings account for Social Security would help to ensure the long-term solvency of the program and would also improve public perception of Social Security. This can go a long way in ensuring that current and future generations will receive the benefits they’ve earned.
The Seniors Center: Protecting the Future of Social Security
This is just the first step in our proposal to save Social Security. As we call on Congress to pay back the Trust Fund, we’ll need your help. Sign our petition today to make your voice heard! And if you haven’t already, join us on Twitter and Facebook for more updates.