The latest prediction from the Social Security Board of Trustees contains the news that the Social Security Trust Fund will be depleted…used up… by 2032.1 We here at I Vote My Vote continue to make voters aware that their elected officials are ‘asleep at the wheel’ when it comes to protecting the income that we have paid to the government to help fund retirements.
Something must be done now!
Here are some of the actions that can be taken and discussion of Social Security solvency must start here:
- Raising the Retirement Age: Gradually increasing the Full Retirement Age from 67 to 68 or 69, which effectively reduces the total lifetime payout for future retirees.
- Adjusting Cost of Living (COLA): Switching to the “Chained CPI” to calculate annual inflation increases. This slows the growth of benefits over time because it accounts for consumers buying cheaper substitutes when prices rise.
- Means-Testing Benefits: Reducing or eliminating Social Security payments for the highest-income retirees.
- Adjusting Benefit Formulas: Changing the “bend points” in the benefit formula to provide higher payouts to lower-income workers while reducing the replacement rate for high-earners.2
- Enact the “Fair Tax!”
Actions that can be taken to save Social Security are going to cause outrage and in some cases, some economic pain. The shouts that “this is our money” can already be heard. And that’s correct…it is our money that most of us have been required by the government to pay over the years. But something must be done…and now.
The first thing that must be done is to stop electing politicians who are not fiscally sound and who don’t have a desire to protect tax-payers. Since President Johnson in 1968 ‘borrowed’ from the Social Security Trust Fund to pay for the Vietnam War, politicians simply have either used it unwisely or have simply neglected to protect it. This means that we should vote for the parties’ candidates that will immediately work to save Social Security so voters’ choices of candidates will awaken them to the reality.
It’s time for voters to hold their elected officials…all their elected officials on both sides of the aisle… accountable for the safety of Social Security. Then, immediately pass the “Fair Tax.”
1. Social Security Board of Trustees: Projection for Combined Trust Funds Remains Consistent with Prior Year. (2026). Social Security Administration. Press Release. Read more
2. Greszler, R. (2026). Options to Extend Social Security’s Solvency. Economic Policy Innovation Center. Read more
