(NBC)
When Rep. Bill Pascrell, Jr., D-N.J., visited a senior living center in Englewood, New Jersey, last week, he had one main focus: Social Security reform. Speaking to a room full of older Americans, Pascrell painted an urgent picture of what needs to happen in order to shore up the nation’s insurance program.
“Social Security is not going to die in the next couple of years,” Pascrell said. “But in about 10 years, it’s going to have to go into the trust to pay benefits.”
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How Democratic candidates would change Social Security.Social Security has $2.9 trillion in its reserves. However, with 10,000 baby boomers becoming eligible to collect retirement benefits every day, the system will face challenges in the coming years, Pascrell said.
In 2035, Social Security’s combined trust funds will only be able to pay about 80% of promised benefits, according to the Social Security Administration.
“It’s about time we had the guts to face what we’re doing and simply not kick the can down the road,” Pascrell said. Read more