Social Security solvency and funding deadlines face scrutiny ahead of midterms

The future of Social Security has emerged as a central issue ahead of the upcoming midterm elections on November 3. United States Senate candidates competing across 35 contested seats will help determine how Congress handles the program, msnbc.com reported. [1][2]

Social Security currently provides benefits to approximately 69 million disabled and retired workers. According to msnbc.com, the trust funds for the program face a funding shortfall by the end of 2032 if lawmakers do not intervene, which would result in benefit cuts of roughly 23 percent. The Washington Examiner noted that Social Security has paid out more than it has collected since 2010. [1][2]

Campaigning has also focused on tax policies related to the program. The Washington Examiner reported that President Donald Trump spoke at a campaign rally in Sioux City, Iowa, highlighting measures passed into law that eliminated taxes on Social Security, tips, and overtime. [3]

In the short term, the initial round of Social Security payments for November is scheduled for distribution in 10 days, according to the Washington Examiner. Payments for retirees born on or before the 10th of a month will arrive on Tuesday, November 10, with individual monthly retirement benefits currently capped at $5,181. [4]