
Expert: Congress must act within decade to keep Social Security strong
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This year marks the 90th anniversary of Social Security, which has helped generations of people retire with dignity after a lifetime of hard work.
The program created during the Great Depression provides retirement, disability and survivor benefits to more than 69 million Americans.
Tom Lacock, associate state director of AARP Wyoming, said Social Security lifts 30,000 Wyoming seniors out of poverty every year. Nearly one in five people in the state rely on the program for 90 percent of their income.

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"Social security has never missed a payment in the last 90 years," Lacock pointed out. "The concern is we know if Congress fails to act by 2034, millions of Americans will see their earned benefits cut by about 20 percent, and we are asking Congress to look into ways to keep Social Security strong."
Social Security Trustees project Congress will need to make adjustments, as it has done in the past, within the next decade to maintain current benefit levels. Removing a tax cap on top earners would be one way to ensure the program’s solvency. Currently, workers only contribute payroll taxes on the first $176,000 earned in a year.
President Donald Trump has promised to protect Social Security and uproot waste, fraud and abuse across the federal government. But Lacock noted the administration caused confusion when it announced beneficiaries would need to meet in person to verify their identity. After pushback from advocates, the administration backed off those requirements.
"Requiring people to do in-person visits for perhaps some identification verification, that’s kind of a problem in Wyoming," Lacock explained. "We have a large population that lives more than a 2.5-hour drive away from a Social Security office."
Social Security, an earned benefit often referred to as an entitlement program, injects nearly $3 billion into Wyoming’s economy every year. Lacock added each time workers receive a check, payroll taxes are deposited into Social Security trust funds.
"Social Security is actually fully funded by dedicated revenue," Lacock emphasized. "So, first of all, it doesn’t add any cost to the federal deficit but it’s also what keeps it fairly solvent."