The Social Security Trust Fund helps cover the costs of the program by bridging any gaps between Social Security’s income and payments.

Unfortunately, the Trust Fund may run out sooner than first anticipated. The Motley Fool reports that newer projections indicate that the Trust Fund may run dry by 2035.

One proposed solution is to institute a tax on those earning more than $400,000. If passed, this tax could help to increase the income to Social Security. The resulting additional income would help cover costs and prevent cutting benefits for a bit longer.

Social Security is not in danger of going away completely. However, benefits could be reduced if the Trust Fund is depleted. Changes need to be made to ensure senior citizens who rely on their benefits can retain some of their financial stability.

At Senior Security Alliance, we believe senior citizens have the right to a more financially secure future and our bill, The Senior Citizens Bill of Rights, will accomplish this.

For more information about this bill and how to help us urge politicians in Washington to pass it, go here.