Senate Races Could Decide Social Security's Fate as Trust Fund Runs Dry in 6 Years

Senate Races Could Decide Social Security's Fate as Trust Fund Runs Dry in 6 Years

Social Security's retirement trust fund is projected to run out of money in six years, and the senators elected this November will take office just as the program faces a funding crisis. Lawmakers from both parties are weighing options including raising taxes on high earners.

· 1 min read ·
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Voters in key Senate battleground states could shape the future of Social Security, a new survey finds. Senators elected this November will take office as the program's retirement trust fund is projected to run out of money [244255].

Social Security is a government program that pays monthly benefits to retired and disabled Americans. Its funding shortfall means the money it collects will not be enough to cover all promised payments in the coming years [244272].

Former Treasury Secretary Jack Lew says lawmakers should "keep their options open" on how to fix it, rather than ruling out any solutions now [244272].

The program will not have enough money to pay full benefits in six years. To fix this, more lawmakers from both parties now support raising taxes on high earners [240603].

Social Security is funded by payroll taxes. Currently, income above a certain level is not taxed for Social Security. Changing this rule could bring in more money to fund benefits. Details of the plan are still being discussed, and it is not yet clear how this would affect the benefits people receive [240603].

Sources

Senate races may decide Social Security's future #244255Social Security is running out of money. A former Treasury Secretary says lawmakers can't rule anything out. #244272Social Security is running out of money. Lawmakers want high earners to pay. #240603

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