Millions may lose Social Security benefits in 2032. The new Senate will have to confront that.
More than a third of the incoming Senate will be responsible for reforming Social Security — or letting its funding run out.
As the results of the recent midterm elections are finalized, Democrats now hold control of both the Senate and the House, and will face the challenge of addressing the looming Social Security crisis. The current funding system is projected to run out of reserves by 2032, which would result in a significant cut in income for millions of older Americans and people with disabilities.
To combat this, the incoming Senate will need to consider various options, such as raising the payroll-tax cap, expanding caregiver support, and targeting Social Security fraud. Some lawmakers are also considering raising the retirement age, while others suggest creating an investment fund or lowering the annual benefit adjustment.
The debate over these potential solutions highlights the importance of addressing Social Security's sustainability, especially as the population ages.
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