FREE NEWSLETTER
Recently I wrote that the potential for long term care (LTC) expenses was my main financial concern. There’s another concern in hot pursuit.
Not many years ago, I was certain that funding to maintain current Social Security (SS) benefits would be secured. After all, no politician concerned with their job security would let the trust fund run dry. Right? I don’t know about you, but I’m losing hope. There are bills in each chamber regarding SS, however, I’m not hearing about any action.
I think that if SS plays a significant role in your budget, it would be wise to plan for a 30% reduction in 2032, the year that insolvency is being predicted.
Democrats and Republicans each have their own proposals on SS, a simple call to action from you and I is non-partisan. My New Year’s resolution is to write to my congressman and senator monthly until we see some action on this issue. Unlike voting, you can send as many letters as you like.
I still believe in Churchill, “You can always count on Americans to do the right thing – after they’ve tried everything else.” We are just in an “everything else” phase … I hope!
Hmn, Winston may have a point….
By the way, the two positions of public trustee for Social Security have been left vacant since 2016. The Social Security Act requires two
So the statute explicitly requires two public trustees.
I guess I’m not that surprised. Who would want that job?
This is what the latest SS Trustee report says. It has said virtually the same thing for over a decade. And yet…
”The Trustees recommend that lawmakers address the projected trust fund shortfalls in a timely way in order to phase in necessary changes gradually and give workers and beneficiaries time to adjust. Implementing changes sooner rather than later would allow more generations to share in the needed
revenue increases or reductions in scheduled benefits.
Social Security will play a critical role in the lives of 70 million beneficiaries and 185 million covered workers and their families during 2025.
With informed discussion, creative thinking, and timely legislative action, Social Security can continue to protect future generations.”
There is no excuse for this inaction. The longer the delay the greater portion of the burden will fall on younger Americans.