Disability, Retirement, Survivors

Protecting the Legacy of Social Security for Future Generations

September 3, 2015 • By

Reading Time: 2 Minutes

Last Updated: September 3, 2015

A diverse group joining hands as a team.Social Security reached a major milestone on August 14 — its 80th birthday. This moment gave all of us the opportunity to celebrate and reflect on the great history and importance of the program to workers and their families. President Franklin Roosevelt signed the Social Security Act into law on August 14, 1935, creating a safety net for our most vulnerable citizens, and protecting them from what he eloquently called the “hazards and vicissitudes of life.” Eighty years later, Social Security remains an essential part of the fabric of American life — providing income security for nearly 60 million people across the country today, including seniors, survivors, people with disabilities, and their families.

But, if we don’t take meaningful steps to strengthen the program for future retirees, the Social Security trust funds will run out of money before the program even reaches its 100th birthday. In fact, the Social Security Disability Insurance Program (SSDI) currently doesn’t have enough money to pay full benefits even for the next two years, which is why the Social Security trustees have warned that it “faces an urgent threat of reserve depletion, requiring prompt corrective action by lawmakers if sudden reductions or interruptions in benefit payments are to be avoided.”

Although the retirement program is in somewhat better shape in the near-term, the aging of the population and retirement of the baby boom population is leading to persistent deficits in that program — about $75 billion of deficits in this year alone. Without action, the combined trust funds will likely run out of funds in the early 2030s, leading to an immediate 20 to 30 percent across-the-board cut for all beneficiaries regardless of age or income. We can’t afford to let that happen, which is why lawmakers should work together to reach a bipartisan solution to fix the program’s long-term finances.

Luckily, there are many ways to strengthen Social Security for future beneficiaries. For example, lawmakers could slow the growth of initial benefits for higher earners, adjust the retirement age for growing life expectancy, adopt a more accurate measure of inflation for cost-of-living adjustments, raise the payroll tax rate, or increase the amount of income subject to the payroll tax.

The Committee for a Responsible Federal Budget has created an interactive tool, The Reformer, which allows anyone to design a plan that keeps Social Security sustainable for future generations.

Unfortunately, the longer we wait to act, the fewer choices there will be — and the more pain they’ll cause. If we want Social Security to prosper for another 80 years, the time to act is now.

Note: In honor of Labor Day, we have invited Maya MacGuineas and Nancy Altman as  guest bloggers on Social Security Matters.  We thank them for taking the time to share their narratives with our followers and allowing us to showcase the diversity of individuals in support of Social Security on this important holiday. Have a wonderful Labor Day Weekend!

Did you find this Information helpful?

Yes
No
Thanks for your feedback!

Tags: ,

See Comments

About the Author

Maya MacGuineas, President of the Committee for a Responsible Federal Budget

President of the Committee for a Responsible Federal Budget

Related Articles

Discover a Whole World of Retirement Possibilities

How Our Expanded Compassionate Allowances Program Helps People with Severe Disabilities

2017 Brings New Changes to Full Retirement Age

Survivor Benefits: Four Tips Widows Need to Know

Comments

  1. Mohammed M.

    Dear sr 

    First think you for your help and I wish the best news for you, for other reasons I have something very important for me to complete my information about my Retirement benefit how it’s I make plans for my retirement and my father’s SSN Veterans and how much I ll get from social security. Can also create a personal account and request ther social security statement to review my SSN account and SSN card number in my account for my future life and for  family, and I need you to help me and give me more information about my future life and my SSN information to claim my credit report and account bank .

                

    The second thing I try to contact the transunion and EQUIFAX and experian customer service and I was calling them several times to asking them to give me my credit report for my bank of America account and my AMERICAN Express credit card. 

    but they never send it to me, 

     I HAVE RECEIVED MY REPORT BUT I CAN’T UNDERSTAND ANY INFORMATION ABOUT IT ALSO I CAN’T FIND MY ATM CARD NUMBER 

    Could you please help me sr and give me more information about my SSN INFORMATION FOR MY FUTURE LIFE AND MY ACCOUNT BANK AND MY AMERICAN EXPRESS ACCOUNT AND CREDIT CARD, PLEASE 

            THANK YOU SO MUCH FOR YOUR SUPPORT 

            

              I WISH THE BEST NEWS FOR YOU AND YOUR LIFE 

    Best reagards

    Mohammed Giyash 

    Emil jayash2000@gmail.com 

    • Mohammed G.

      I need your help sr please and give me more information about my future life and my credit report for my future life and my Veterans affairs and Retirement

  2. webdesign a.

    Thanks for sharing this post.I found it really helpful. web design

  3. M. Y.

    It appears that the people making decisions to “borrow” and never repay what they borrow(government) are capitalists that could care less about the people and only lining their own pockets. Why will it matter to the millionaires and billionaires that Social Security dies, they have all that could never spend in a lifetime or several lifetimes. Our history will show future generations, if we survive mother nature and the government, that the rich get richer and the poor get poorer and the middle majority will be the work horses until we break. Yep, life isn’t fair. What a poor excuse. If everyone paid the same % of taxes without all the tax shelters for the rich and greedy our America would work in a fairness and equalality for all that has the potential to lift spirits, increase poor mental health and anxiety about being a couple paychecks from homelessness that so many of us realize. It’s not about working more it’s about working smarter and together. What a concept that is lost on the greedy.

  4. willie j.

    how much money can I make while on ssdi

  5. bill t.

    President Reagan strengthened social security by increasing the premiums and delaying the retirement date for one to two years; it is now at age 66 and has been for several years, and is increasing to 67 by accumulating increases. Congress has spent it and seems to be trying to fob retirees off by saying they cannot afford it. They don’t pay it; the people paid it and it has been in surplus for years; we were good until at least 2037 by the admission of the SSA.

    President Obama gave people a ‘tax holiday’ not requiring FICA payments from workers to be made which seemed guaranteed to reduce the amount being paid in, and then stopped paying out any cola at all. He also changed the formula for assessing the cola removing the most basic items the retired have to pay, that is to say groceries and gas and medical costs.

    Retirees paid, with their employers, 12.8 percent of their income (half covered by their employer) and paid it for decades since the 1980’s (before Mr Reagan it was a little less). This was a huge premium and it was all taxed at the expense of the worker at the time it was deducted. What is the cola for this year and how does the SSA plan to make up for the years when they received nothing and next to nothing under Obama? When will the cola again reflect the true cost of living without deducting the majority of the spending needs of seniors?

  6. Peder k.

    I’m a minority, a Norwegian, is SS going to celebrate our independence day? I doubt it.

  7. Roger m.

    Roger mark Botbyl Jr 2430 hall ave #109 marionette WI 54143 (715)330-8722 Roger Herr I’m going to keep this short and sweet I have through my own studies have found out two different ways to make social security and ssdi profitable first was I had a political advisor not to disclose who yet read just the basics and initial principals of my ingenious formula divoliging 40% of concept at hand the other 60% I kept confidential for my own intellectual property rights but will if need be divouldge second way I had thought of about 8-10 months ago but memory is shaken so common knowledge is basic but once again if made a necessity I could remember the avenues of making money and grasping great wealth is endless I try not to think out loud so to speak for all this info is highly confidential it could even esuculate enough to help balance the budget and to get me greatly indepth with such work the possibilities are endless also thought of taking this out of this country and applying it to all countries for a substantial gain or influx of great profits if I decided to keep it here as in the USA in which are is ultimately my achievable goal depends on how I’m treated I entrusted just enough people so far but I I find out corruption is at is utmost and my relevance means little than the out come won’t be profitable for the USA but on the flip side keep my ideas and thoughts here being that most are outside the box and that can’t be taught kinda like being a visionary it’s something your born with or into just imagine letting social security have it’s home base in the USA for the and all countries abroad it’s getting to be the end of the fiscal year so let’s see what we can do in the country I call home for the years to come and over come bringing America to be number 1 good day god bless I’ll be waiting a response don’t hesitate to for my mood changes daily and so far congressmen Mike Gallagher district north eastern Wisconsin has not made anything worth my while yet or responded other than secretary based email response for that I question why and I’m leave that as such good day god bless I’ll be patiently waiting a response and will wait until better outcome is made available my studies are never ending and my genius never outnumbered so I’m up for the challenge and love to help

  8. Merehead

    This issues is quite important for every citizen!
    http://merehead.com/

  9. Apple W.

    “Cannot Take Photo,” my phone taunts. Then it’s a rush to decide what stays and what goes.
    Apple Watch Silver Aluminum Case http://www.wholesaleiphone7ios.com/apple-watch-silver-aluminum-case-mm-with-white-sport-band-p-1254.html

  10. Anna C.

    I’ve become interested since reading an article in the NYT about the link between a brain disorder I have and bacteria in the gut (Cavernous Malformation Syndrome). Are there different ways to heal the gut/heal the brain depending on one’s specific brain/biome? Or should I just eat gut healthy food?
    https://skinwants.com/get-a-healthy-looking-skin/

Comments are closed.