2019 Social Security benefit payments will top $1 trillion for the first time.
Few would argue against Social Security being the most important senior benefit program in America, with nearly 63 million citizens – retired workers and their eligible dependents – receiving benefits. And with thousands of so-called “baby boomers” claiming Social Security each day, 2019 will bear witness to a continued growth in the number of beneficiaries, putting additional stress on the program’s already strained finances. In fact, for the first time in Social Security’s history, the program’s expenditures for benefits paid out will exceed $1 trillion dollars, a significant milestone when coupled with the fact that the program’s total expenditures will exceed total revenue collected from FICA taxes, interest on investments, and income taxes on benefits paid. As discussed in this Motley Fool article by Sean Williams, these factors are leading to a fully depleted Social Security Trust Fund in about 15 years, unless Congress stops kicking the can down the road and takes a bipartisan approach to resolving the financial issues facing this crucial American program.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC’s Social Security Guarantee, click here.
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