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Social Security Trust Insolvency in the News Again

It’s an election year and this is when major issues like Social Security and Medicaid are brought to the forefront of political discussion. It is a widely known fact that the current path of both entitlement programs will lead them to be depleted by 2035 and 2036 respectively. A major overhaul is needed, one which gives Americans who have paid into the system fair treatment.

Media from both the left and right side of the political spectrum pretty much agree that it is an issue which needs to be dealt with now. From The Washington Post:  “It won’t happen unless there’s a bipartisan effort like the one that enabled the last comprehensive reform to Social Security — way back in 1983. At the moment, unfortunately, the only thing the two parties can agree on is doing something between not much and nothing at all.”

The National Review Editorial Board wrote similar sentiments: “Politicians have a built-in warning mechanism for this looming crisis every single year when the trustees’ reports are released. They can pretend they don’t notice or celebrate a later insolvency date, but they can’t change the math unless they reform the programs.”

There is no doubt that the sooner they start working on a solution the better. The American people need their minds to be put at ease on the topic. This is a system we have paid into our entire work lives as did our parents before us. As we wrote in a previous article, there are several solutions on the table as we speak. Some of them require the government to raise money through other means to make sure people get the payment amounts they are entitled to while others have the program slashing benefits up to 25% of their current rates.

Whatever happens you can bet that we will have our ear to the track so that we are always informed about changes and updates to the current laws regarding Social Security and disability. Our job is to serve our clients who need these programs to retire or to be able to live with a disability.

What You Can Do

Living in a democracy means that you have representatives all the way up the ladder. You have local representatives that handle business at a city and county-wide level. Beyond that you have state representatives who handle legal business in the State of Florida. You also have State Congress and Senate representatives who work in Washington D.C. to legislate these very matters of which we speak.

It is within your rights to contact every representative at every level to express your concern about these issues. The more pressure they feel on the topic means the more work they will put into getting positive changes accomplished. And the sooner they address the issue the better it will turn out for the individual who will claim, or already does claim, these benefits. Time is of the essence.