Over the years, you might have heard rumors that Social Security is running out of money. The idea of your benefits being cut can be concerning. Whether you’re a current Social Security beneficiary or you will be soon, knowing what the future holds can help you plan for retirement.

AARP has released a video dispelling some common misconceptions about Social Security and its funding. The majority of Social Security funding comes from payroll taxes. Funds are also drawn from The Social Security Trust Fund. This surplus fund is projected to run out of money by 2035 or earlier. While Social Security will be funded 79% as long as payroll taxes are collected, benefits will be cut if Congress doesn’t act.

Seniors Deserve the Benefits they Earned

In addition to concerns about how Social Security is funded, cost-of-living adjustments (COLAs) have been far too low for far too long. At NORA, we’re pushing Congress to pass legislation to fix this COLA problem. The Guaranteed 3% COLA for Seniors Act would give American seniors the benefits they deserve. If you haven’t already, add your name to our petition! Then, join us on  Twitter and Facebook for the latest updates.