Social Security was created more than 75 years ago to ensure seniors would have a steady stream of income when they retired. It is a promise that has been kept for generations. You pay into Social Security, you get the benefits you earned. While Social Security is not in crisis, modest changes, can preserve and protect the program so current and future generations will receive the full benefits they have earned. If our newly elected President or Members of Congress do not act in 2017, future retirees could lose up to $10,000 a year in benefits. Every year our leaders wait and do nothing, finding a solution grows more difficult.
Based upon the Social Security Administration, in November 2015, over 65 million Americans, including retirees and their families, disabled workers and their families, and the spouses and dependents of deceased workers, receive Social Security benefits. The average annual retirement benefit is roughly $15,000 a year. Reducing this $15,000 by any amount would create a severe hardship for millions of retirees.
- According to the Board of Trustees of the Social Security Trust Fund, the trust fund is supposed to have $2.7 trillion in it. Trustees explain: Social Security benefits are entirely self-financing. They are paid for with payroll taxes collected from workers and their employers throughout their careers. These taxes are placed in a trust fund dedicated to paying benefits owed to current and future beneficiaries, the trust fund will continue to accrue interest and grow and will have adequate resources to pay full benefits through 2036.
Americans have paid into Social Security with the expectation of receiving full benefits as promised. The only way to make progress is for our national leaders to make Social Security a priority and put serious proposals on the table. And it starts with Presidential leadership. Anyone who thinks they are ready to be President of the United States should be able to tell voters how they will keep Social Security strong. That is why AARP is pressing every candidate to Take A Stand – and lay out at least one specific proposal to make Social Security financially sound so future generations get adequate benefits.
Please watch for additional information and a “call to action” to save Social Security.