Did you know that about 89 percent of current retirees rely on their monthly Social Security payments to make ends meet each month? It’s true. But unfortunately, the future of this vital program is in trouble. And disappointingly, this impending trouble could be a devastating loss for retirees nationwide.
The Reality We Face
Previously, the Board of Trustees report cautioned politicians that the Social Security trusts would not hold up over the long term. In fact, this has been an ongoing concern since 1985.
Regrettably, inaction is putting many retirees’ finances at risk. If nothing is done, the Board of Trustees estimates that benefit cuts could be necessary by 2034. This means that retirees would see up to 23 percent of their benefit payments cut.
What would this cut look like in 2034? Well, The Motley Fool reports that the average retiree would lose around $484.51 in their monthly income — a sum that translates to $5,814 lost annually! Such benefit cuts would be a devastating blow to any retiree, especially those who rely heavily on their monthly benefits.
Demand Change Now
The possibility of such financial insecurity for retirees is unconscionable; luckily, we have a bill that could help.
Our bill, The Senior Citizens Bill of Rights, is revolutionary. The seven rights enumerated in it would provide senior citizens a guarantee for a more financially secure retirement. Among these rights is the guarantee that benefits are never cut, benefits will never be taxed as income, and more.
With that in mind, it’s time to act now; our bill can change the lives of senior citizens, and help us provide seniors with more financial security by signing our petition and urging the politicians in Congress to pass this essential legislation.
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