With the Social Security trust fund thought to run out sooner than anticipated, many seniors are worried about problems with the program. Since its beginning, Social Security’s funds have come from current workers. However, while about 150 workers were paying into the program for every retiree in 1935, that number has dwindled to just three in 2021. This many workers can only cover about 76% of benefits.
What does this mean for seniors?
When the Social Security trust fund runs out in 2033, seniors will see a 24% cut to their benefits. If action isn’t taken, this could lead to an unprecedented financial crisis for older Americans. According to a recent report by CNBC, Congress needs to act now before both retirees and workers have to take drastic action.
NORA wants to see improvements to Social Security. We’re calling on Congress to pass The COLA Act of 2021. This legislation would ensure that Social Security beneficiaries receive a cost-of-living adjustment every single year. With Social Security problems on the horizon, it’s important to improve the program now. So make your voice heard in Washington. Please sign our online petition today—and follow NORA on Twitter and Facebook for all of our updates.