The Social Security Administration (SSA) has seen a rapid decline in its customer service after the field offices closed to the public in March 2020. As Investment News explains, there continues to be very limited availability for in-person appointments; everyone is encouraged to access the Social Security Administration’s online services for help.

However, the article explains that the customer service crisis the SSA faces now began before the pandemic due to “underfunding.”

The Past VS. Today

This is explained by Investment News using a comparison between the number of workers employed in past years versus the numbers employed today. In 1985 there were 81,000 workers with the Social Security Administration. Today, however, there are less than 60,000 while the number of beneficiaries continues to rise.

Additionally, there is the impending exhaustion of the Social Security trust funds. If improvements aren’t made, the benefits many rely on each month will be affected.

Why Social Security’s Future Reads Uncertainty

In part, the impending exhaustion of Social Security’s trust funds can be attributed to the longer life expectancy seen throughout the nation. Plus there’s a smaller population of working-age individuals while a greater number of people are retiring.

These three contributions have meant a decline in revenue for the Social Security program. With Social Security’s trust funds declining, it is but a matter of time before they are gone completely.

What Does This Mean for Social Security?

When Social Security’s trust funds are depleted, the program won’t completely run out of finances. Rather, payroll taxes will continue to be collected, helping to finance the program. It’s estimated that about 76% of scheduled benefit payments could continue to be paid when this occurs.

Unfortunately, this pay cut would be devastating for many seniors, especially since many rely on a fixed income each month to live comfortably. It is essential we seek improvements to the program so many rely on.

Seniors Need Protection

Retirees deserve to have the financial stability that comes with knowing their benefit payments will remain whole and continue, regardless of how the Social Security’s trust funds are operating.

To ensure this, it is essential that the politicians in Washington act now. Change is needed. Seniors deserve to feel financially secure throughout their retirement! Passing our bill is the perfect place to start. Please join us in our efforts to improve and protect Social Security benefits for all retired Americans.