Social Security
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Social Security provides retirement income for Americans across the socioeconomic spectrum, but the program’s finances continue to worsen. If policymakers fail to act soon, Social Security beneficiaries will face a nearly 25% benefit cut in 2033 that will continue to grow in the following decades. Even setting aside the program’s financial challenges, it is overdue for an update: current Social Security benefits alone are inadequate for many Americans, the program disincentivizes work later in life, and its undue complexities can severely undercut efforts to plan for retirement.
BPC has a holistic approach to Social Security reform based on the that shoring up the program’s finances can and should coexist with improving its ability to support American households. Beginning with BPC’s Commission on Retirement Security and Personal Savings report in 2016, we have led the charge on bipartisan reforms, and we continue to work with policymakers and stakeholders on policy analysis, development, and advocacy.
Read the Commission Report here.
Read “How to Help Americans Claim Social Security at the Right Age” here.
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More from BPC on Social Security
Social Security Claiming Age: Importance, Claiming Behavior, and Trends
Social Security Trustees Report: Action Needed to Avoid Looming Benefit Cuts
More Proof: We Must Act Soon to Save Social Security
Inflation Is Making Social Security’s Solvency Problem Worse
Written Testimony of Shai Akabas Before the U.S. Senate Committee on the Budget Hearing
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