MAINE, USA — According to the Social Security Administration, in 2023, an average of almost 67 million Americans per month will receive a Social Security benefit, totaling over $1 trillion in benefits paid during the year.
Social Security is a lifeline for millions across the country, and thousands here in Maine. There are concerns, however, that the program in its current form will not be able to survive the next decade.
According to long-term projections by the Congressional Budget Office, if changes are not made to the program, its funding could be exhausted by 2033.
Now lawmakers in Washington, including members of Maine's congressional delegation, are looking for ways to save the program.
"The Social Security fund will be insolvent in less than a decade. If Congress chooses to do nothing, current law requires painful 24% cuts to benefits and a daunting future for fulfilling our promises. If we come together now, we can preserve and protect the retirement security of all Americans now and long into the future," Senators Angus King, I-Maine, and Bill Cassidy, R-Louisana, wrote in a statement on Friday.
Earlier in the week, the news organization Semafor reported that the senators were considering gradually increasing the retirement age to 70. However, on Friday, the senators refuted that claim and said the conversations are ongoing and still in the early stages.
"Though there have been some incomplete and somewhat alarmist reports published, it’s important to look at all the components of a solution together, especially in the context of the crisis we face if nothing is done," King and Cassidy wrote. "There are dozens of considerations being weighed to protect Social Security, including locking early retirement at 62, an ironclad protection for lower-wage workers, and seeking avenues to increase benefits immediately. Under what we are discussing, millions would immediately receive more, and no one would receive less."
Sen. Susan Collins, R-Maine, said she is also concerned about the future of Social Security.
"I share the concern about the solvency of the Social Security trust fund and understand the efforts of these senators to tackle this problem. I do, however, have serious reservations regarding two of their major provisions:
First, raising the retirement age to 70 would be extremely difficult for many Maine workers in physically demanding occupations, such as lobstermen, restaurant employees, construction workers, and nurses.
Second, this proposal would raise taxes on middle-income Maine families while leaving the income of extremely wealthy individuals, such as an actor who is paid $20 million for a movie, largely untouched. That strikes me as regressive and unfair," Collins told NEWS CENTER Maine on Friday.
NEWS CENTER Maine also reached out to Rep. Jared Golden, D-Maine, and Chellie Pingree, D-Maine, who are both opposed to any age eligibility increase for social security.
"Congress must scrap the income cap allowing millionaires and billionaires to pay a Social Security tax on only $160,200 of their income. Tuesday of this week marked the day when the wealthiest Americans stop paying into Social Security for the entire year. That’s pretty unfair when you consider that most Mainers will be paying in until Dec. 31. As Republicans plan to cut, privatize, and even end Social Security, our best option is to sunset the income cap and protect the hard-earned benefits of older Mainers." Pingree wrote.
"Congressman Golden does not support raising the retirement age," a spokesperson for the lawmaker wrote on Friday.
King and Cassidy said discussions are still ongoing and in the early stages.
"As soon as we have a fully developed plan, we’ll release it for discussion and debate. Taking action is our only option. Inaction now will only make it harder later. We choose to save, strengthen, and secure Social Security," King and Cassidy wrote.