AARP: Social Security Trustees Report Foreshadows Need to Address Long-Term Solvency
Source: AARP Press Center | 2009-05-12
May 12, 2009
Contact: AARP Media Relations, 202-434-2560, media@aarp.org
Washington, D.C. – The Social Security Board of Trustees today released its annual report to Congress on the financial status of Social Security. While Social Security benefits are projected to be adequately funded for the next three decades, the Social Security trust fund will be exhausted by 2037, four years earlier than expected due to the faltering economy.
The economic collapse has demonstrated the importance of Social Security’s guaranteed benefit as the foundation of retirement income. With Social Security serving as the principal source of family income for over half of older Americans, the issue of solvency has again emerged with a renewed level of priority.
“Today, more than 51 million people receive a Social Security benefit, providing a vital source of income for those in retirement and supplemental income for those unable to work because of a disability,” said AARP Executive Vice President Nancy LeaMond “Social Security insurance protects all age groups; and the good news for current beneficiaries, and those nearing retirement, is that your benefits will remain secure and intact for the foreseeable future. Unfortunately, the Trustees Report also illustrates that Social Security has a long-term solvency challenge that must be addressed, and the sooner we face this challenge, the easier the options for long term reform.
“As discussions develop as to how best to strengthen and improve the system, AARP will help lead the dialogue, with the goal of preserving the promise of Social Security for current and future generations. Social Security is the most secure pillar of retirement income, and AARP will continue to work so that it remains that way.”
About AARP
AARP is a nonprofit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world's largest-circulation magazine with over 34.5 million readers; AARP Bulletin, the go-to news source for AARP's 40 million members and Americans 50+; AARP Segunda Juventud, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, AARP.org. AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
