The Social Security Administration was founded in 1935 to secure American’s economic health. Its goal is to help retired workers pay for the necessary expenses they may come across in their post-work lives. In the 87 years that Social Security has been established, it has remained strong. There has been a plethora of funding and support from the American citizens.
Social Security currently provides for over 47 million retired workers and 2.8 million of their dependents. This means that over 15% of Americans rely on Social Security in some form. In fact, 1 in every 4 households rely on Social Security for over 90% of their income.
The amount of people who depend on Social Security payments will not be decreasing in the future, but there won’t be funds available to pay 100% of benefits unless Congress acts soon to strengthen the program.
It is projected that Social Security will be able to pay full benefits for approximately 12 more years. However, after that, there are shortfalls in funding. Retired workers will not be able to receive the benefits that they require to live a healthy and comfortable life. Only 78% of current benefits will be provided for.
Although Social Security is the only inflation-protected, guaranteed source of income you can count on when you retire, today’s inflation is taking a toll on retirees. While Social Security was never meant to be the only source of income in retirement, for too many people it is all they have to depend on for their living expenses.
Social security should be a guarantee for those who rely on it; they should not have to worry about the diminishment of funding or rising inflation. Social Security should also be available for not only current retirees, but for future generations as well.
We must keep these priorities in mind when considering our candidates. Ask candidates for Congress: If elected, how would you protect earned Social Security benefits for the future?
This story is provided by AARP Wisconsin. Visit the AARP Wisconsin page for more news, events, and programs affecting retirement, health care, and more.
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