‘Shortfalls Still Looming’: Social Security in Danger of Insolvency

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Recent remarks by President Biden are highlighting Social Security’s future as the November midterm elections near.

According to The New York Times, President Biden has warned that if certain candidates win in November, the future of the program could be in jeopardy. While there are proposals that could “sunset” both Social Security and Medicare, these measures are unlikely to pass.

The more likely outcome is that Social Security will need to be reformed in order to ensure its long-term solvency. Currently, the Trust Fund is set to run out of money in 2034. This means that benefits would need to be cut by roughly 23 percent. And Medicare is also set to become insolvent in 2028.

In a time when high inflation and low interest rates are putting a strain on many budgets, the last thing seniors need is for retirement benefits to be cut. As the midterms near, take a close look at the bills the candidates you’re voting for are supporting. Bipartisan legislation to save Social Security can help ensure that future generations can also enjoy a secure retirement.

Learn more about The Seniors Center’s plan to save Social Security today. We’re calling on Congress to get rid of loopholes that allow some wealthy individuals to pay less than their fair share, to pay back what’s owed to the Trust Fund, and to scrap the cap on payroll taxes. These changes could ensure the long-term solvency of Social Security and keep benefits strong for future retirees.

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