Could Social Security’s problems be solved in 2023?
At the very least, we could see signifcant progress made this year. After all, we’re coming off a Cost-of-Living Adjustment (COLA) that set records.
So is now the time to address the program’s problems, which may be at a tipping point?
To get solutions, we need to get specific — so today we’ll examine the two main problems.
Addressing Shortfalls in Funding and Support
Social Security could be in trouble if nothing is done. Specifically, it could be unable to meet its full commitments by as early as 2035.
There are various suggestions on how to manage this serious issue. Some say the retirement age should be moved up. This could spread more funds around, but it would also move the goalpost on the retirement that seniors have fairly earned.
Others say taxing high earners is the answer. But even this may not close the gap completely, and there are questions about whether the new revenue will actually go where it needs to go.
If there’s one other area that needs attention beyond the fund itself, it’s support. This is the second main problem. The Social Security Administration (SSA) staff has struggled to provide all the answers and support that people need. A backlog of pandemic-related concerns only added to the issues, which have been compounding because of staffing and resource shortages for years.
The economy is now (thankfully) reopened. Will this give the SSA a chance to get back on track, and provide the support Americans need?
Working to Resolve Social Security’s Problems for You
When it comes to protecting Social Security’s funds and the benefits seniors have fairly earned, we’re always up to the task. This is a problem we work hard to solve, and we need your help.