The Promise Act Would Push Congress to Vote on Social Security Reform Before 2032's Projected 22% Benefit Cut for Retirees
A bipartisan group of U.S. senators has come together to try to ensure that Congress finds a solution to the upcoming Social Security trust fund shortage.
Overview
A new bipartisan bill, the Protecting Retirement Opportunities and Maintaining Income Security for Everyone Act, aka the Promise Act, is designed to force Congress to confront Social Security's upcoming funding shortfall and to vote on a reform package before automatic benefit cuts hit retirees around 2032.
Led by U.S. Sens. Dick Durbin, D-Ill., Bill Cassidy, R-La., Tim Kaine, D-Va., Thom Tillis, R-N.C., Angus King, I-Maine, Alan Armstrong, R-Okla., Chris Coons, D-Del.; and John Cornyn, R-Texas, the act establishes a legislative procedure to protect the long-term solvency of the Social Security trust fund.
Details
Rather than waiting until the 11th hour to ensure that Social Security recipients continue to receive their full benefits, the new bill calls for congressional action to begin now. Acting sooner rather than later could end up helping future retirees.
Source
Originally published at www.fool.com.