Now that the political conventions are behind us, it is important to focus on national issues, especially how each candidate will keep Social Security solvent for future generations.
The Social Security fund is in good shape for the next 18 years but faces a projected shortfall in year 2034 unless the incoming president and Congress takes action. Like homeowners’ and auto insurance, rates have be the adjusted to meet current conditions, and we seniors are living longer and more active lives. An update for Social Security funding is critical and a simple tweak now can ensure future benefits. But it will take political willpower.
For South Carolina, this is a top issue: More than one in five state residents receive Social Security and for 40 percent of our state’s seniors, this is their only source of retirement income. Most of South Carolina’s Social Security recipients are retirees, but a third include widows/widowers, the disabled, plus spouses and children. Even more critical for us is the fact that South Carolina ranks dead last when it comes to employees saving for their eventual retirement.
All of us should expect each candidate to spell out exactly how he or she plans to keep Social Security intact for our kids and grandchildren. They must present detailed action plans with definitive steps, not a word salad of rehashed talking points.
Ensuring the financial security of our nation’s seniors is one of the most important actions our next president will take.
Hilton Head Island
Editor’s note: The writer is a legislative volunteer and a member of the executive committee with AARP South Carolina.