Voskuhl Concerned About The Future Of Social Security
As Social Security marks its 90th anniversary this year, this vital piece of the American retirement plan is more important than ever. The AARP's Sean Voskuhl said social security benefits keep over 16 million Americans aged 65 and over out of poverty each year.
"40% of the recipients rely on Social Security for at least half their income. The critical part that Social Security plays in improving the financial security of older Americans is recognized by people of all ages, regardless of political ideology or agenda. Costs of basic necessities from healthcare to groceries are on the rise, so Social Security must stay on a solid financial footing.”
This Is Money Older Americans Earned
In its 90 years of existence, Social Security hasn’t missed a payment. Voskuhl said the program has done what it was meant to do, help people retire with dignity after a lifetime of hard work.
“This is money older Americans have earned with every paycheck to ensure they can independently cover basic needs and access the services they rely on every day. Seventy million Americans receive Social Security payments," Voskuhl noted. "If not for Social Security, millions of Americans of all ages may find themselves homeless, hungry, or struggling to make ends meet. Social Security allows family members to rest easier knowing their parents have some financial relief and protection as they age.”
Social Security Could Run Short By 2035
Voskuhl added the financial footing for Social Security will get shakier unless something is done now.
“The trust funds from which Social Security benefits are paid are projected to run short of money by 2035, one year later than estimated last year by the Social Security Board of Trustees," he noted. "Congress needs to act before then to fill the gap or risk automatic cuts for people receiving payments. So, this 90th anniversary isn’t just a celebration. It’s also a reminder that Social Security is a lifeline for millions of Americans. It’s up to us to make sure it’s there for the next 90 years and beyond.”
Voskuhl added a great way to get involved and take action is available at AARP's Website.
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