NEW PALTZ – A panel discussion, sponsored by NYPIRG, was conducted Wednesday at SUNY New Paltz to discuss Social Security and the insolvency it faces in the future.
“It’s about protecting benefits for current and future generations,” said Joe Stelling of AARP. “They know this trust fund is OK until 2034, but it’s a giant question mark after that when we don’t have enough money to pay for the benefits people have earned.”
It’s estimated that Social Security will be able to pay 77 percent of the current benefits. About 70 million people, including 3.7 million New York State residents, receive Social Security, including children, and for many the average monthly payment of $1,657 is their only source of income.
Stelling said there are plenty of solutions to solve this problem – but there has to be a willingness to do so.
“There are a lot of different levers you can pull to adjust this program, and there are a lot of different solutions out there. You can increase eligibility ages, you increase the amount you pay in, you can increase employer contributions, there is no limit,” said Stelling. “The point is, though, we have to have the conversation of what we are going to do. Something has to be done or else this program is going run out of money, and we won’t be able to pay the benefits people have earned. And that is the one answer we cannot get to.”
