Prominent seniors group AARP is calling on Congress to act after it emerged that the trust fund that Social Security uses to pay retirement benefits to tens of millions of Americans could run out by 2032.
An annual report issued on Tuesday from the Old-Age and Survivors Insurance (OASI) Trust Fund, which Social Security uses, will only be able to cover 78 percent of total scheduled benefits starting in 2032.
Myechia Minter-Jordan, CEO of AARP, which formerly stood for the American Association of Retired Persons, said that the report shows Congress needs to figure out how to keep Social Security solvent.
“This should be a wake-up call: Congress needs to act,” Minter-Jordan said in a statement. “Americans have worked hard and paid into Social Security their entire lives, and they deserve to count on it when they retire. No family should see any cuts to what they’ve earned in Social Security.”…
Seniors Group Says New Social Security Report Should Be ‘Wake-Up Call’ for Congress
