Heres What Congress May Do To Fix Social Security This Fall

(NBC) When Rep. Bill Pascrell Jr. D-N.J. visited a senior living center in Englewood New Jersey last week he had one main focus: Social Security reform. Speaking to a room full of older Americans Pascrell painted an urgent picture of what needs to happen in order to shore up the nations insurance program. Social Security is not going to die in the next couple of years" Pascrell said. But in about 10 years its going to have to go into the trust to pay benefits." These costs are taking the biggest bite out of retirees wallets Trumps Medicare reform would expand this tax-free account How Democratic candidates would change Social Security.Social Security has $2.9 trillion in its reserves. However with 10000 baby boomers becoming eligible to collect retirement benefits every day the system will face challenges in the coming years Pascrell said. In 2035 Social Securitys combined trust funds will only be able to pay about 80 of promised benefits according to the Social Security Administration. Its about time we had the guts to face what were doing and simply not kick the can down the road" Pascrell said.