While it’s long been known that the Social Security trust fund will eventually run low, the COVID-19 pandemic has changed how quickly that’s happening. In fact, the newest estimates put this date in 2034, a year earlier than previously projected. When this happens, beneficiaries could see a massive impact on their benefits—even a reduction in their Social Security benefits.
According to Yahoo! Finance, beneficiaries will only see between 75% and 78% of their benefits in the event of the trust fund running out. This would be devastating. Seniors around the country would lose the benefits they’ve worked hard for—benefits they deserve. One way for this to be avoided? If Congress takes action.
Currently, Congress’s refusal to act on this issue is hurting seniors. However, a long-term plan to address this funding issue could ensure that older Americans can keep their benefits. CNBC reports that seniors are likely to support change if it’s clear that those changes would help the generations to come receive the benefits they’ve earned. And at The Seniors Center, we’re calling on Congress to make the changes seniors need by passing the Social Security Trust Fund Lock-Box Act, a landmark piece of legislation. This bill would ensure that the funds earmarked for Social Security beneficiaries would stay safe from government interference.
If you’re ready to see our nation’s lawmakers make seniors a priority, The Seniors Center has a way for you to take action. Sign one of our petitions today and reach out to your legislators. Then, follow us on Twitter and Facebook so you never miss an update!