As detailed in the most recent annual report from the Social Security Board of Trustees, the Social Security trust fund is the single largest source of retirement benefits for Americans. It is projected to deplete its reserves by 2033. This year’s annual report comes with an even more dangerous projection. That depletion year is now expected to be one year sooner than our last projection. This year, nearly 70 million people will be paid benefits through Social Security. This large and growing figure further highlights the critical role the program plays in the daily lives of millions of Americans.
As the new Our Future report illustrates, by 2033, just 77% of benefits will be paid from the trust fund. In reality, too few combined benefits will be available to fund. Stability of Social Security is of utmost significance, especially as America’s population continues to age. Right now, about 185 million Americans pay into Social Security through payroll taxes, which fund the trust fund.
Providing high-level help, commissioner of the Social Security Administration Frank Bisignano echoed the urgency of the moment. He reiterated that maintaining the trust fund financially sustainable is a “first priority.” He emphasized the urgent need for Congressional action to get this done.
Myechia Minter-Jordan, a prominent figure in this discussion, urged lawmakers to take immediate steps to “protect and strengthen the Social Security that Americans have earned and paid into throughout their working lives.” To these challenges, experts and advocates have largely come together, agreeing that meaningful reform is critical. They know that this agreement is necessary to ensure the long-term future of this important program.
The yearly report that the Social Security Board of Trustees makes public is absolutely essential in keeping an eye on the trust fund’s health. It provides baseline and alternative projections that show the fund’s fiscal status. Even with some up and down movement in recent years, the status is still the same as last year.
Talks of fiscal responsibility versus social welfare are coming to a boil. We can’t afford to put off the more urgent problem of the impending exhaustion of the Social Security trust fund. With this kind of impact on millions of beneficiaries, the time for Congress to act is too urgent to delay.