With the depleting Trust Funds, it’s no wonder many people are worrying about the essential retirement program’s future. Unfortunately, many politicians are conflicted on what to do next to help the program. However, one thing’s for sure, if nothing is done to help resolve these big problems, Social Security beneficiaries are the ones who will be paying the price.

10 Big Problems

According to this article, there are 10 big problems facing Social Security. These issues include:

1. Low interest rates mean less money earned for the Social Security program.
2. Longer life expectancy means longer retirements. While this is great news in general, it’s difficult for Social Security to keep up and commit to these long-term payments.
3. The current overflow of beneficiaries is taking a toll on Social Security. With more retirees, there is more money going out of the program.
4. Additionally, the current working class is smaller than it has been in years. This means that there is less money going into the program. And with a higher number of beneficiaries, a smaller working class creates a deficit the program is struggling to fill.
5. On average, wealthier individuals live longer. This means payments to these individuals are not only larger but go on for longer too.
6. The Federal Reserve is keeping federal fund rates closer to zero for the foreseeable future. Although these rates don’t directly affect market interest rates, many rates are based on the federal fund rate.
7. Higher economic growth will not help the U.S. “grow its way out of its Social Security problem.”
8. Reform is needed, but Congress is at a stalemate. Very little has been done to fix the problems Social Security faces.
9. Economic Contraction: With the pandemic came economic disaster. But this didn’t just impact workers and businesses, it also impacted the Social Security program. Unemployment rates skyrocketed in 2020, and fewer workers means less money going into the Social Security program.
10. Beneficiaries born in 1960 could find their benefit payments smaller than anticipated. Thanks to the reduction in wages in 2020, workers looking to retire soon may find their benefits reduced as well.

Overall, there are a number of problems facing Social Security today. Unfortunately, it seems that politicians in Washington continue to hesitate and argue. This is unjust. A solution is needed now!

We Can Help

Thankfully Senior Security Alliance has a way to help current and future retirees feel more at ease; our groundbreaking bill provides beneficiaries with seven rights. These rights include a guarantee that benefit payments are never cut. By passing our bill, we would force politicians to finally take action.

Join us in urging the politicians in Washington to take a stand; sign our petition now. Then, follow us on Facebook and Twitter to stay up-to-date on all our progress, as well as other Social Security information.