Washington, DC – Good news for Social Security! The 2015 Trustees report released today indicates that the Social Security Trust Fund will have an annual surplus of $9.2 billion, producing an accumulated surplus of about $2.8 trillion by the end of the year. Without any change to the program, Social Security can pay full old-age and survivor benefits until 2034 – one year longer than the 2014 estimate.
A strong and expanded Social Security system is essential to meet the looming retirement income crisis facing millions of U.S. families. NOW calls on Congress to pass legislation expanding benefits and lifting the cap on the payroll tax so that all wage earners pay their fair share into the system. These simple measures would improve the economic security of millions of people while also guaranteeing solvency for these programs for 75 years and beyond.
Additionally, Congress must take action before 2016 to rebalance Social Security’s two trust funds to ensure that the Disability Insurance Fund can pay full benefits. Persons with disabilities are among the most economically vulnerable and should not be denied the benefits they desperately need. Shamefully, Republicans leaders are currently blocking this normally routine action.