3 Big Social Security Changes Joe Biden Wants to Make for Retirees
Poverty rates among seniors soared as the economy collapsed during the Great Depression, prompting the passage of the Social Security Act in 1935. The program was originally designed to provide income to retired workers age 65 and older, though it has since expanded to cover other types of beneficiaries
Today, Social Security benefits are a lifesaver for countless Americans. The program lifted 26.5 million people out of poverty in 2020 alone, according to the Census Bureau, and nearly 90% of retired workers depend on Social Security income to make ends meet. That said, the system is in need of reform. The Social Security program operated at a deficit last year, and the trust fund is facing depletion by 2035. Additionally, benefits have lost a substantial amount of buying power in the past two decades, meaning retired workers and other beneficiaries have effectively taken a pay cut.
Here are three changes Joe Biden has proposed to address those issues.
Source Fool.com
