Press Releases

June 05, 2018

Social Security’s Finances Remain Strong, Annual Trustees Reports Show

Making Prescription Drugs More Affordable Would Give Medicare a Boost

The following statement was issued by Richard Fiesta, Executive Director of the Alliance for Retired Americans, regarding the Trustees reports issued today on the Social Security and Medicare Trust Funds:

“Social Security remains strong and able to meet its obligations well into the future. The 2018 Social Security Trustees report found that Social Security will be able to cover all payouts and expenses until 2034. This is unchanged from last year. Given Social Security’s efficiency and near universality, the clear solution to the nation’s looming retirement income crisis is to increase Social Security’s modest benefits.

“Social Security becomes a more important part of millions of American families’ retirement plans every year. We call on our elected leaders to safeguard and expand Social Security benefits, provide a more accurate formula for cost-of-living adjustments, and lift the cap on earnings for the wealthiest Americans.

“The Medicare Trust Fund for hospital care now has sufficient funds to cover its obligations until 2026, three years sooner than projected last year. Congress and the Administration should act now to make changes that will strengthen the program for the future while reducing costs to retirees, such as reining in the prices of prescription drugs. There is no reason that Americans should continue to pay the highest prices in the world for their medications.

Sixty-six percent of voters are more likely to back candidates who support expanding and increasing Social Security benefits, compared to only 18% who are less likely.

“In addition, Congress should stop preventing the Social Security Administration from spending just a few tenths of a percent more of its surplus on administration, so that it can restore the hours of field offices and open new locations. Since 10,000 Americans are turning age 65 every day and disability backlogs are shamefully high, this is a necessary change from current policy.

“Americans have earned their Social Security and Medicare benefits through a lifetime of hard work. We can support the next generations as they retire if we the take the appropriate steps to sustain them.”

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Contact:  David Blank – 202-637-5275 or dblank@retiredamericans.org

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