As the annual trustees report warns of impending trouble if Congress doesn't act, advocates hope lawmakers take action to both strengthen the program's finances and expand its benefits.
With Social Security expected to face revenue shortfalls starting next year, consumer advocates are hopeful that Congress is moving toward acting on legislation that would both shore up the program and expand benefits.
"I think the fire is already lit," said Nancy Altman, president of advocacy group Social Security Works."The House is acting, and they're hoping to vote on legislation this year." While the program can fully fund benefits for another 16 years or so, the trustees report cautions that the longer lawmakers delay taking action, the more severe the changes will need to be to restore solvency.
It also would require that earnings above $400,000 be subject to the payroll tax. Right now, earnings above a certain level — $132,900 for 2019 — are not subject to Social Security taxation.Homeowner avoided 'energy guzzlers' and it's paying offAmong other changes, the yearly cost-of-living adjustment for benefits would rely on a different formula to more accurately reflects rising costs for older Americans.
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