Social Security

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Wally Pearce

Winters Elder Day Council

Not sure if you’ve been following Social Security matters over the prior few months but there has been considerable confusion relevant to some of the following matters. Here is what I been paying attention too.

Last month (April 2019) the Board of Trustees released its 2019 Social Security Trustees Report. The report provides an annual assessment of the health of the Social Security program’s finances.

Social Security has two trust funds:

§  Trust for retirement and survivors’ benefits, called the Old Age and Survivors (OASI) trust and;

§  Trust for disability insurance (DI).

The report finds that the Social Security DI trust fund is now projected to be fully funded another 33 years, until the year 2052. This projection is 20-years longer than what was estimated just last year, and is a result of years of declining DI applications and disability beneficiaries.

The Trustees’ Report also finds that the retirement and survivors trust fund will be fully funded until the year 2034, after which it will be able to pay individuals approximately 77% of the benefits they are owed over the next 75 years.

While it is comforting to know that Social Security is around for the long haul, any decrease in benefits will cause serious harm to the people who rely on Social Security for their income as they age.

It is critical that Congress passes legislation to fully fund Social Security, as well as to increase benefits so that low and middle-income workers and their families are not left at or near poverty after decades of work. This means making decisions now about how to shore up the trust funds for the future.

The Social Security 2100 Act, introduced as H.R. 860 by Rep. John Larson (and introduced in the Senate as S. 269 by Sen. Blumenthal) is an example of legislation that would provide more adequate benefits for workers and their families while also making sure that Social Security has adequate funding for the long term.

Millions of Americans depend on Social Security to meet their needs as they age, or when they are faced with serious disabilities or the untimely death of a family member. We must support and fund this vital program to ensure that we do not leave behind the people who need it most.  

Please share this important information with others. Additionally, the blue font offers a link to other important relevant information. Take care.

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