(NAFB) A new Social Security Trustees Report shows that Social Security trust funds are expected to be depleted in 2034. The new projection means Congress needs to act to close the remaining shortfall of just under 20 percent. Sean Voskuhl, the Oklahoma State AARP Director, said if the shortfall isn’t closed, many Americans will face cuts they can’t afford.
“This should be a wake-up call for all Americans, who’ve worked hard and paid into Social Security their entire lives. They deserve to count on it when they retire. No American family should see any cuts to what they’ve earned in Social Security. Today, over 71 million people rely on Social Security. As America ages, ensuring it’s strong will become even more critical.”
At a time when the future of Social Security is being tested by proposals that would weaken the program, the Trustees Report shows the need for Congress to protect what people have earned.
“We will not let special interests push proposals to cut Social Security for middle-class families. Some of these proposals include cutting Social Security by reducing payments, raising the retirement age, or otherwise shifting the burden onto hardworking Americans. We strongly urge Congress to put aside partisan politics and work together to ensure that Social Security can continue to be strong enough to support our children and grandchildren.”
Voskuhl said Americans work very hard and pay into Social Security their entire lives. It’s an important part of income for America’s senior citizens. In fact, a recent AARP Financial Security Trends Survey found that six in ten Americans 50-plus worry about whether they will have enough to stay financially secure in retirement.
“At the same time, many are entering retirement without enough savings—42% of adults 50-plus who are not yet retired have less than $50,000 set aside. Social Security provides the majority of income for 43 percent of our seniors. That’s more than 25 million families. Social Security is one of the most popular initiatives in history and has helped generations of American stay out of poverty and thrive in retirement. Social Security isn’t going bankrupt, but Congress must act to protect and strengthen it now and in the future.”
Learn more Wednesday night at 6:30pm Central time on RFD TV or online at aarp dot org forward slash AARP Live (http://www.aarp.org/aarplive).
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