AARP Virginia Hosts Town Hall on Social Security's Importance, Future
Tuesday, June 27, 2023
AARP Virginia is sponsoring a town hall at 5:30 p.m. at the Black History Museum and Cultural Center of Virginia in Richmond about Social Security, one part in a series of town halls called "Social Security: Here Today, Here Tomorrow; Securing a Financial Future Within the Black Community."
They will detail the program's future and its importance to the Black community.
Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare, said Social Security is important to this sector of the population.
"They rely on Social Security for more of their income in retirement than white retirees," Richtman explained. "Why? Black Americans over time have lower earnings, therefore their benefits will be lower, and they have less pension coverage."
Richtman will also be speaking on myths and misconceptions about Social Security, including the program's financial solvency.
"The fact is that the program is not bankrupt," Richtman pointed out. "The only way Social Security could be bankrupt is if we had 100% unemployment and there was no money coming in through payroll taxes."
However, he said Social Security will face a solvency issue in the coming decade. The latest Social Security Trustee report indicates trust fund reserves will be depleted in 2034, leading to only 80% of benefits being paid.
It will fall to Congress and the White House to resolve after the debt ceiling debates, Richtman added.
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