ALERT: If you are looking at Social Security as an important element of your planning.......
Today, the Social Security Subcommittee, chaired by Rep. Sam Johnson (R-TX), held a hearing to examine the 2017 Social Security Trustees Report, which provides Congress estimates on Social Security programs’ financial health each year.
According to the report, released yesterday, Social Security’s combined Trust Funds – the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund – will not be able to pay full benefits in 2034, at which point beneficiaries would face a 23 percent benefit cut if action is not taken.
In response to these projected benefit cuts, Chairman Johnson said at the start of the hearing:
“That’s wrong and simply unacceptable … Millions of Americans rely on this important program now and millions more pay in with the expectation of future benefits. Congress has a responsibility to the American people to make sure that our children and grandchildren can count on Social Security, just like seniors and individuals with disabilities do today. We must take this responsibility seriously.”