Social Security deductions taken from the paychecks of working Americans are put into the same account that pays the benefits of those retired. In the past, politicians have used Social Security funds for purposes other than retirement benefits. As of 2012, Congress had borrowed and spent more than $1.7 trillion of Social Security taxes on uses unrelated to retirement benefits. There is concern that there will not be enough money to pay benefits to people that are working now. This is because there are a growing number of Americans receiving benefits, and a declining number of workers paying into the system. Social Security had $2.9 trillion in reserves in 2019 - allowing it to pay all promised benefits until perhaps 2035. Benefits would then decrease if the current situation remains unchanged.

To ensure the survival of this much-needed program, some Advocates want to make Social Security a needs-based program that prohibits wealthy Americans from collecting benefits. It is estimated this change would save our Treasury about $1.5 trillion each year and make Social Security solvent for the foreseeable future.
Opponents say this idea sets a dangerous precedent by excluding beneficiaries who paid into the system, and opens the possibility such an action could be applied to other groups of people in the future.

Pending Legislation: S.2280 - Social Security 2100 Act
Sponsor: Sen. Richard Blumenthal (CT)
Status: Senate Committee on Finance
Chair: Sen. Ron Wyden (OR)