Retirement benefits are earned through years of hard work. Unfortunately, it seems that the full payments many are used to are no longer guaranteed. What does this mean for seniors? Will they be able to earn additional income to make up the difference?
An official report suggests that the Trust Funds will deplete earlier than originally thought. It is essential we help ensure seniors receive the benefits many rely on.
As Former President Obama said in a 2011 radio address, “even the smallest act of service, the simplest act of kindness, is a way to honor those we lost, a way to reclaim that spirit of unity that followed 9/11.”
Social Security was expected to become insolvent in 2035. This date has changed due to the pandemic; the impending bankruptcy is now closer than anticipated.
Although some of the highest COLAs have been estimated for 2022, there is still the real possibility that this increase wouldn’t make a difference. Any COLA increases may just end up being “absorbed by higher Medicare ... premiums.”
