UNI24003 Michigan 3

May 2024

IN UNION SPECIAL REPORT: THE FUTURE OF SOCIAL SECURITY Signed into law by President Roosevelt in 1935, Social Security has been the cornerstone of retirement security for generations of Americans. With the program set to turn 89 years old later this year, In Union has prepared this special report to examine the challenges facing Social Security and what our elected leaders are doing to protect this vital earned benefit for the future.

SOCIAL SECURITY REMAINS POPULAR AMONG MAJORITY OF AMERICANS

96%

96% of Americans support Social Security.

9 in 10 Americans want lawmakers to protect Social Security for current retirees and future generations.

[AARP Research, 6/23/2023]

If anyone here tries to cut Social Security or Medicare or raise the retirement age, I will stop them,” Biden said.

“I will protect and strengthen Social Security and make the wealthy pay their fair share.”

—PRESIDENT BIDEN, STATE OF THE UNION ADDRESS, 3/7/2024

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SAFEGUARDING OUR FUTURE: THE F Approximately 53 million of the nearly 67 million Americans who receive Social Security benefits are retirees. Social Security is their largest source of income, and it has historically been the most reliable—since the first check was issued in 1940, the program has never missed a monthly payment.

However, while Social Security remains financially stable today, it faces long-term funding needs that must be addressed by Congress.

Without changes to the current law, the Social Security trust funds are projected to run out of money in less than 10 years. At that point, the program would only be funded by the ongoing payroll tax deductions and would only cover 80% of current benefits. According to one recent report, that would result in a $17,400 cut in annual income for a typical dual-income couple retiring in 2033. President Biden has a plan to expand Social Security benefits to help beneficiaries meet the rising cost of living.

[AARP, 4/11/2023; Committee for a Responsible Federal Budget, 1/18/2024; Social Security Administration, accessed 4/11/2024]

UNIONS PRAISE BIDEN FOR SAVING PENSIONS Unions praised President Joe Biden for saving multi-employer pension plans, including the pensions of more than 40,000 Michigan workers and retirees, such as members of the Teamsters, United Steelworkers, and United Auto Workers. President Biden prevented drastic cuts to hard-earned pensions and ensured more than three million workers’ pensions will remain solvent through 2051.

In response, former USW International President, the late Tom Conway, remarked that union members and retirees were deeply grateful, saying:

“[President Biden’s] American Rescue Plan, enacted without the support of a single Republican in Congress, stabilizes dozens of pension funds that are hurtling toward insolvency because of Wall Street recklessness, corporate bankruptcies, industry consolidation, and other factors over which workers and retirees have no control. Without President Biden’s support, many of these workers and retirees would have lost the bulk of their retirement income and spent their golden years scraping by.”

[Associated Press, 12/8/2022; NBC News, 7/6/2022; USW Press Release, 6/29/2023]

FIGHT TO PROTECT SOCIAL SECURITY

PRESIDENT BIDEN’S PLAN TO STRENGTHEN SOCIAL SECURITY President Biden is working with Representative Elissa Slotkin and other allies in Congress to find solutions that will help beneficiaries meet the rising cost of living and ensure Social Security is fully funded for current beneficiaries and future generations. Here are the three key points of the President’s plan: 1.

President Biden has been crystal clear: he will reject any proposals that seek to cut benefits, raise the retirement age, or privatize Social Security.

2.

President Biden wants to reduce the tax burden on working people by making millionaires and billionaires pay their fair share, including lifting the income cap and raising payroll taxes on those making more than $400,000 a year.

3.

President Biden’s plan will increase Social Security benefits, including a 5% increase for older Americans who begin to exhaust their savings later in life. Biden also supports a minimum benefit for low-wage earners to keep more Americans above the poverty level.

[U.S. News, 3/7/2024; NBC 7, 3/8/2024; CNBC, 3/4/2023; Yahoo Finance, 2/22/2024]

In stark contrast, Republican leaders in Congress have repeatedly proposed changes that would threaten Social Security for current and future generations. Here are the major areas where Republican congressional leaders disagree with President Biden: 1.

Republicans want to gut the pillars of seniors’ economic security. 176 Republicans in Congress have called for raising the retirement age to 69, slashing $1.5 trillion in benefits, and privatizing Social Security.

2.

The Republican agenda prioritizes massive tax cuts for the wealthiest individuals and corporations, and would pay for them by making cuts to Social Security and Medicare.

3.

Republican leadership’s proposals would threaten the financial stability of millions of beneficiaries. Republicans have proposed tying Social Security funding to the debt ceiling and requiring funding to expire every five years, which could leave Social Security beneficiaries without benefits and veterans without pension payments.

[Center for American Progress, 9/22/2023; Center for American Progress, 3/21/2023; Republican Study Committee FY 2025 Budget Proposal, 3/20/2024; Social Security Works, 3/20/2024; Reuters, 2/8/2023]

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President Biden took action to strengthen Medicare by passing the Inflation Reduction Act, which grants Medicare the ability to negotiate prescription prices on behalf of seniors and will soon cap individual out-of-pocket drug expenses at $2,000 a year. This not only helps seniors save money, it will also reduce the government deficit by saving Medicare money.”

—Pam B.

Every American should have access to Social Security benefits when they retire. These are benefits that will allow them to retire in comfort and with dignity. We need to ensure seniors can afford lifesaving medications, in a fiscally responsible way.”

—Vivian C. Source: CAP Action

PREPARING FOR SOCIAL SECURITY BENEFITS? The U.S. federal government made a promise: if you pay into Social Security, you will retire with dignity and peace after a lifetime of hard work. The Social Security Administration offers several online resources to help:

• Check Your Eligibility: Visit www.ssa.gov/prepare/ check-eligibility-for-benefits to answer a few questions and determine if you qualify for benefits right now.

• Apply Securely Online: Applying for benefits is easier than ever, thanks to the Biden Administration’s streamlined process allowing applicants to submit forms online with their e-signatures.

• Get a Benefits Estimate: Visit www.ssa.gov/ prepare/get-benefits-estimate to see how much you or your family might get in benefits payments.

• Avoid Social Security Scams: Visit states.aarp.org/ michigan/section/fraud for helpful tips on how to protect yourself from scams and where to report suspicious activity.

Visit www.ssa.gov/prepare to learn more.