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New proposal considered, possibly saving Social Security

Social Security has been in existence for a few generations now and has benefited a good portion of the U.S., including people in Wisconsin. The program has recently seen tough times due to the financial situation of the country. If Social Security is not modernized, funds will be depleted by the year 2016 for the Disability fund and 2033 for the Retirement fund, and citizens will not receive SSD benefits. 

Many who have paid into Social Security for years while working will not see the benefits of the program and could potentially find themselves in financial crises if changes are not made to the current system. Social Security was designed to assist those who were disabled and give the elderly the retirement that they deserve. A study that was set in motion by one congressman found that the rate of Social Security payments has only risen 0.2% in 40 years, while the cost of living has increased tremendously. 

This same congressman has proposed a piece of legislation entitled the “Seniors Deserve a Raise Act.” This act would increase benefits for seniors and fulfill the promise that was made by social security to properly care for the elderly in the U.S.

Though some say that the legislation would further cripple Social Security, others are confident that the act will save the system. The majority is in agreeance that the Social Security system is in desperate need of reform, both to care for the people in need and the elderly and to secure the funds for future generations. Anyone who has been denied Social Security disability may benefit from speaking with an attorney about the matter.    

 

Source: Forbes, “Congress Considers New Proposal to Raise Social Security Benefits,” Jamie Hopkins, Sept. 1, 2015 

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