Ohioans Concerned Over Social Security Cuts by 2034
Columbus, Ohio – With Social Security trust funds projected to be depleted by 2034, Ohioans are growing increasingly concerned about the future of their retirement benefits. According to the Social Security Board of Trustees, millions of Americans could see up to a 23% reduction in benefits if lawmakers fail to act in time.
Currently, nearly 1 in 5 Ohio residents depend on Social Security to cover basic needs such as housing, groceries, healthcare, and prescription drugs.
Dr. Jared Pincin, economics professor at Cedarville University, explained that the Social Security trust fund was initially created from surplus payroll taxes when revenue exceeded benefit payouts.
“That surplus built up the trust fund. But now, as more people retire and fewer workers contribute, the fund is being exhausted,” said Pincin.
If Congress doesn’t intervene, Pincin warns that beneficiaries will start receiving only 77 cents for every dollar owed by 2034.
Jenny Carlson, State Director of AARP Ohio, emphasized how essential these benefits are to Ohioans:
“Many older adults in Ohio live on fixed incomes. If benefits are cut, they risk being unable to afford housing, food, and healthcare,” Carlson said.
She added that Social Security is a promise and breaking that promise could devastate those who have worked hard their entire lives.
Experts agree that potential solutions include:
- Increasing payroll taxes
- Raising the retirement age
- Reducing future benefit amounts
“It is likely that a combination of measures will be needed,” said Pincin. “But people shouldn’t panic — informed policy decisions can preserve the program for future generations.”
As the debate continues, Ohioans concerned over Social Security cuts are urging lawmakers to act swiftly and fairly.
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