Social Security’s future is a growing concern as the program faces potential depletion by 2033. Reps. Mike Lawler and George Latimer are calling for a bipartisan commission to study the issue and find solutions to ensure the program remains viable for future generations. The Social Security Fairness Act, recently passed by Congress, expanded benefits to 2 million public workers who also receive government pensions.
However, this expansion will cost $195 billion over 10 years, hastening the depletion of the Trust Fund by six months. Once the fund is depleted, Social Security benefits would be cut by 22% unless new revenue streams are found. Phillip Swagel, director of the Congressional Budget Office, warns that “time is running out.” Rachel Greszler, a senior fellow at the Heritage Foundation, notes that Gen X and Millennials will not receive full benefits when they retire based on current law.
Concerns over future Social Security benefits
Lawler and Latimer believe the issue needs further study before proposing solutions. Lawler spokesman Nate Soule said, “The most important thing we can do is make sure this program is there for future generations – and the bipartisan commission the Congressman believes needs to be established can provide recommendations as they convene.”
Latimer spokesman Rich Orsillo added, “The Congressman is in favor of a full and fair analysis of how to secure the Social Security trust funds.
However, any solution to securing this vital earned benefit cannot be at the expense of working people and retirees who have contributed to the system their entire careers.”
Various proposals have been suggested, such as increasing the retirement age, raising the tax ceiling on Social Security’s 12.4% tax, or creating a flat rate for benefits based on years worked. However, these proposals face opposition and require further study. As lawmakers grapple with finding a solution, Americans are growing increasingly concerned about the future of their Social Security benefits.
Experts advise individuals to stress test their retirement plans and consider the possibility of benefit cuts in the future.
