The financial health of Social Security has improved slightly in the past year, with the system expected to exhaust its reserves to pay benefits in 2034, a year later than previously projected, according to the 2015 Social Security Trustees Report, released July 22. At that time, if Congress has taken no action, Social Security will have enough payroll taxes coming in to cover 79 percent of promised benefits for another 56 years, the report said.
AARP wrote to members of the House of Representatives to express our strong concern with a last-minute amendment to H.R. 5, the House Rules Package for the 114th Congress, that would effectively limit potential options regarding Social Security, including options to protect benefits under the Social Security Disability Insurance Program. Under the amendment, the House could only consider legislation affecting any part of the Social Security program if the overall effect of the changes improved Social Security’s Old Age and Survivors (OASI) trust fund. While we strongly support Social Security and believe Congress should act sooner rather than later to ensure Social Security’s finances for the coming decades, the amendment made public Jan. 6 is unduly narrow and limits the House’s ability to consider the full range of options for addressing issues facing Social Security.
On July 28, the Social Security Administration released The 2014 Annual Report of the Board of Trustees, which details the financial status of the Social Security program. The report makes clear that:
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