While millions of seniors receive Social Security, it’s possible to be a beneficiary of the program for years without knowing some of the basic facts about it. Social Security was designed to supplement retirement savings and other income. However, for many retirees, Social Security is a lifeline. As important as this program is, it’s important to understand how it works.
Learn the facts about Social Security, the Social Security trust fund, and how to take action to protect your benefits today!
What Funds Social Security?
Social Security is funded primarily through income tax. Workers pay into it a percentage of their salaries with plans to receive benefits after retirement. In certain years, the program has brought in more than it’s paid out. This situation has led to the need for a Social Security trust fund.
What’s Happening to the Social Security Trust Fund?
The Social Security trust fund won’t last forever. Some reports indicate that this fund will run out sooner than later, possibly as early as 2033.
If this happens, retirees could see benefits cuts of more than 20 percent!
It’s a fact: cuts to Social Security would be devastating. If this trust fund is depleted, seniors will be left with less than they need — and less than they’ve earned.
It’s Time to Act
These potential issues with the Social Security trust fund have been ignored for far too long. It’s time for policymakers to take action. At The Seniors Center, we’re calling on our lawmakers to pass the Social Security Lock-Box Act. This important piece of legislation would ensure that no other government agencies could borrow from this trust fund. It would also ensure that any funds which have been taking from this account would be returned. Protecting this trust fund is essential to improving Social Security in the future—sign our emergency petition today!
