Social Security payments are a vital resource for many Americans. Although these benefits provide an important lifeline, there is always the threat of cuts to the program.
As debate rages in Washington over the future of Social Security, those who rely on it are left with insufficient payments and uncertainty about what the program will look like in the next few years.
Recently trustees for Social Security and Medicare released a report looking at the health of these funds as they stand today and what it means for the future. The report showed that Social Security is on track to be depleted in roughly a decade.
If this happens, it means automatic cuts to programs like Social Security and Medicare. Social Security’s Old-Age and Survivors Insurance (OASI) trust fund, for example, is estimated to be depleted in 2033 if nothing changes.
The math in this eye-opening report shows that the average Social Security recipient would see a $325 decrease in monthly checks, or $3,900 per year. This, of course, is highly troubling for those who rely on these benefits.
It is imperative that Congress work to find a solution for this impending crisis. Change must happen before it’s too late for Americans in need. read more about the new report here.
The Elder Relief Act would increase retirement benefits by $85 per month for Americans 82 and up and guarantee a 4% increase every year after. Please take a moment to let your Congressman know that seniors need this change.
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