By Edward Cates, Chairman of the Board, TSCL
As a reader of the Advisor, you probably already know that Social Security faces deep financial woes, but most people around you probably don’t. Just 30 percent of Americans are aware that the program will become insolvent and be forced to cut benefits in the 2030s without congressional action, according to a May 2024 survey from the nonpartisan Peter G. Peterson foundation.
That’s only the bad news, though. The good news is that, as soon as they’re aware of the problem, Americans overwhelmingly support standing by their senior citizens. After learning about Social Security’s looming insolvency, 97 percent of the survey’s respondents agreed that it was important for our elected leaders to strengthen Social Security so it is fully available for current and future generations. “Voters want leaders to prioritize solutions to prevent devastating cuts,” said the foundation’s CEO, Michael A. Peterson, in a statement that accompanied the survey. “Voters understand that ‘not touching’ Social Security is not an option because automatic cuts are unacceptable and waiting only makes the problem more costly and difficult to solve.”
Here at The Senior Citizen’s League, we agree. It’s imperative that Congress acts to protect Social Security for today’s and tomorrow’s seniors, and it’s critical that more people learn about the problem so they can pressure Congress to act. That’s why we not only recommend voting for candidates who pledge their support for Social Security and seniors, as we do so often in this issue, but also taking time to discuss the topic with your friends and neighbors so they can factor it into their voting decisions, too.
A few good conversation starters might include sharing news articles about Social Security’s insolvency issue or asking for someone’s opinion on different policies for strengthening Social Security, such as removing the limit on income eligibility for Social Security payroll taxes. It’s also helpful to center conversations with younger people not just on how policies on Social Security affect today’s seniors, but tomorrow’s seniors as well. For example, you might ask a child or grandchild how a reduction in benefits would affect their retirement plans.
