What if Nothing is Done to Save Social Security?
Social Security is in trouble. Congress needs to take action to ensure the trust fund remains solvent. But what happens if Congress does nothing to save Social Security?
Robert Powell at USAToday.com writes that, by 2034, a beneficiary currently receiving $1,503 per month would see a $361 cut to their check. A married couple would see a $608 cut to their current $2,531 monthly payments. That’s a total reduction of $120,000 for individuals over the course of their retirement.
That’s absolutely unacceptable.
And future generations scheduled to receive payments twice as large as current beneficiaries in terms of “real dollars” further compounds the issue.
This is a recipe for disaster.
The Social Security 2100 Act is the answer to this problem.
The Social Security 2100 Act
Representative John Larson introduced the Social Security 2100 Act earlier in the 116th Congress. Rep. Larson said, he’s “committed to taking common sense steps to expand benefits and to make the system solvent for the next 75 years and beyond.”
According to Larson’s fact sheet about the bill, workers will pay “an additional 50 cents per week every year to keep the system solvent.” This will ensure Social Security is still around for generations to come.
The legislation also protects lower income workers who would be most affected if benefit cuts were enacted. The minimum benefit will be modified to sit at “25% above the poverty line and would be tied to wage levels to ensure that the minimum benefit does not fall behind.”
Even More Benefits
In addition to ensuring “the system remains solvent for the rest of the century,” benefits will be increased “for all current and future Social Security recipients” and 12 million seniors will receive a tax cut if the Social Security 2100 Act is passed.
We can’t miss this opportunity. Seniors who earned their Social Security deserve the benefits the Social Security 2100 Act guarantees.
A Light at the End of the Tunnel
Social Security’s future is murky as long as the Social Security 2100 Act remains in committee – but Powell writes that financial planner, Larry Stein, is confident Congress will act. While “insolvency is always a possibility,” Stein wouldn’t yet recommend his clients do anything different.
However, it will take pressure from citizens across America to ensure our representatives move to pass this crucial legislation.
One way to help call on Congress to pass the Social Security 2100 Act is by signing our 2020 Benefits Protection Petition – please CLICK HERE to sign our petition.
And to learn the details of the legislation, please check out our Ultimate Guide to the Social Security 2100 Act.