The following is information I just received from "Social Security Works." As many of you know, I have signed and have asked many of you to sign a petition to remove the cap from Social Security earnings. To me, this just makes sense.
Here you go:
The annual Social Security Trustees Report is in and it shows that Social Security's surplus is large and growing, and can pay out 100% of promised benefits through 2033.
On 1 Jun 2013, Social Security’s board of trustees will release their annual report on the financial outlook of Social Security’s trust fund, and it will find that the surplus is continuing to grow and will be around $2.8 trillion in 2013.
Social Security will take in more money than it pays out, roughly $40 billion more in 2013—and cannot by law contribute to the deficit.
"It’s the rest of the retirement system that’s in crisis. Traditional pension protections are greatly diminished, housing is down, health care costs are up and 401k plans are unreliable. With over half of working-age American households unable to maintain their standard of living in old age, we need to focus on expanding Social Security—not cutting it."
If you agree, write to your Senators and Representatives in Congress.
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