Millions may lose Social Security benefits in 2032. The new Senate will have to confront that.
Source: Business Insider ·
More than a third of the incoming Senate will be responsible for reforming Social Security — or letting its funding run out.
From the source
James Talarico declared victory in the Texas Senate race.Brandon Bell/Getty ImagesCongress' blue wave puts Social Security reform and 2030s shortfall in the spotlight for seniors.Winning Democratic senators back lifting the payroll-tax cap, stronger caregiver support at home.Debate over targeting Social Security fraud, raising the age and protecting Medicaid and Medicare.As the final midterm votes are being counted, older Americans now know the identities of many of the senators who will determine their retirement futures.While both the House and Senate flipped blue, the 35 senators elected on Tuesday will grapple with the Social Security shortfall expected in the early 2030s.Given that senators serve six-year terms, more than a third of the incoming Senate will be responsible for reforming Social Security — or letting its funding deplete.Social Security, a lifeline for millions of older Americans and people with disabilities, is on track to run out of reserves by 2032, which would…
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