Roughly 2.1 million Illinois retirees, or 16.5% of the state population, who receive benefits would be impacted by a statutory cut to benefits if the program goes insolvent, according to Ben Tomchik, vice president with the Committee for a Responsible Federal Budget.

Social Security Insolvency Looms

The Committee for a Responsible Federal Budget has shown that if no legislative action is taken soon, Social Security could run out of money as soon as 2032. This would result in a $507 reduction in benefit payments per month for Illinoisans, based on previous years’ data.

Tomchik emphasized the need for bipartisan cooperation to find a solution, citing the example of the Greenspan Commission in the 1980s, which successfully addressed Social Security’s fiscal challenges. He suggested that raising the cap on how much Americans pay into the program, lifting the payroll tax cap, or limiting benefits could be considered as part of the solution.

U.S. Sen. Tammy Duckworth, D-Ill., co-signed a letter to President Donald Trump criticizing his administration’s handling of Social Security, including policies that may have contributed to the projected insolvency. The Social Security Administration’s commissioner, Frank Bisignano, has stated that the administration will protect and preserve Social Security, rather than making cuts.

Illinoisans interested in securing future funds should pay attention to congressional candidates running in the November general elections, as the next elected U.S. senator from Illinois will serve a term that coincides with the potential benefit reductions.

Original reporting: KTBS 3 (Shreveport) — read the source article.