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IN UNION SPECIAL REPORT: THE FUTURE OF SOCIAL SECURITY May 2024

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.

I’ll always fight back against ANY plan that cuts Social Security—we need to strengthen this essential program that Americans earn and protect it for generations to come.”

[AARP Research, 6/23/2023]

SAFEGUARDING OUR FUTURE: THE FIGHT

Social Security is the largest source of income for approximately 53 million retirees who receive benefits, and has historically been the most reliable. Yet, even as the program 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 deduction and cover only 80% of current benefits. For a typical dual-income couple retiring in 2033, that would result in a $17,400 cut in annual income. Senator Brown 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]

OHIOANS PRAISE SENATOR BROWN FOR SAVING PENSIONS FOR 100,000 OHIOANS

Working Ohioans recently joined Senator Brown in Cleveland to celebrate his efforts to save their pensions and ensure they retire with the dignity and security they earned.

Senator Brown introduced and passed through Congress the Butch Lewis Act— named after the heroic Ohio union leader and pension advocate—which saved the pensions of three million Americans, including more than 100,000 Ohioans.

“Senator Brown fought for our pensions so that my fellow Teamster retirees and I received the money we worked hard for because he understands the dignity of our work,” said Bill Guzay, President of the Cleveland Teamsters Retiree Club.

[The Pike County News Watchman, 4/2/2024; U.S. Senate, H.R. 1319, 3/6/2021; Associated Press, 12/8/2022]

FIGHT TO PROTECT SOCIAL SECURITY

It

is incredibly significant for Ohio that our Senator, Sherrod Brown, chairs the important Social Security and Pensions Subcommittee in the U.S. Senate. Senator Brown has been unwavering in his fight to protect and expand Social Security.

1. Brown adamantly opposes any proposal to cut Social Security, raise the retirement age, or privatize the program. He is also fighting to lift the income cap so that millionaires and billionaires pay their fair share.

Sherrod Brown Warns Of Threats To Social Security, Calls Out GOP Desire For Privatization

Forbes Breaking News, YouTube, 1/29/2023

2. Brown is leading the fight to repeal laws that prevent public sector employees from receiving the full Social Security benefits they’ve earned. His bill, the Social Security Fairness Act, will re-establish full Social Security benefits for 240,000 Ohioans, including teachers, police officers, firefighters, and government workers.

3. Brown is fighting to protect the benefits that disabled and elderly Americans rely on to live. He is working tirelessly to pass bipartisan legislation and ensure beneficiaries can work and save for emergencies without risking their benefits.

[Newsweek, 2/1/2024; Senator Sherrod Brown, X Post, 2/14/2024; WTVG, 1/3/2024; CNBC, 5/3/2022]

“Workers should not have to worry with every election that politicians are going to try to take away the retirement they earned.” —Senator Sherrod Brown

Senator Brown has been an outspoken critic of attempts by any member of Congress to undermine Social Security and threaten retirees’ financial stability.

In response to repeated proposals by some in Congress to hold Social Security hostage during debt ceiling and budget negotiations, Brown proposed legislation to protect the program from their political games. He will always put Ohioans’ interests ahead of partisan political interests.

[Ironton Tribune, 10/7/2022]

Senator Sherrod Brown meets with Ohioans.

Paid for by In Union USA (www.inunionusa.com) and not authorized by any candidate or candidate’s committee.

In Union is an organization of, by, and for working people that provides straightforward, fact-based information to more than two million people who trust us to be unbiased on topics like the economy and health care. In Union doesn’t endorse, lobby, or take contributions from politicians or candidates— and we don’t contribute to them. Instead, we tackle issues important to working-class families, ways to hold politicians accountable, and tips to save money—and we always provide sources. For more information and a complete list of our funders, go to www.inunionusa.com

Social Security is the only reliable source of income for myself and tons of other people just like me… We paid into Social Security. It’s not something someone gave us, we paid into it all the years that we worked.”

—W. Dean Hudson

Source: The Bryan Times

, 10/2/2022

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.

• 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.

• 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.

• Avoid Social Security Scams: Visit states.aarp.org/ ohio/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.