The Motley Fool suggests the best news for Social Security this year is related to the program’s trust fund balances. Despite the pandemic wreaking havoc on the economy, the trust fund balances grew during the federal government’s 2020 fiscal year.

According to the article, this year could have “crushed Social Security” due to the program’s already uncertain finances being strained further by the pandemic.

Although this is some good news for the program, without legislative action, the future of Social Security is not necessarily bright. Since many were (and still are) out of work during the pandemic, payroll taxes funding the Social Security program are not getting paid. Many experts warn that the damage from the pandemic will not be visible until fiscal year 2021, The Motley Fool reports.  

Social Security’s future still remains uncertain. But we can be certain it will be a hot topic for discussion for the foreseeable future. To remain informed, be sure to follow us on Facebook and Twitter.

Senior Security Alliance is working to ensure senior citizens have a more financially secure future with our bill – The Senior Citizens Bill of Rights. To find out how you can help, go here.