Today, the Church Alliance calls for congressional action to protect the future of the Social Security program that more than 200 million Americans rely on, or plan to rely on, to retire with dignity and financial security.

Financial security for millions

The vast majority of the more than 200 million retired and working Americans, including the vast majority of retired and working clergy and lay workers, rely on, or plan to rely on, Social Security payments to live lives of dignity and financial security after decades of providing for themselves, their families, and their communities. Many of the Church Alliance’s 35 denominational benefits organizations structure their retirement and healthcare benefits programs around the concept of a three-legged retirement stool that includes employer-sponsored retirement savings, personal savings, and Social Security benefits.

Impending funding shortfall

An impending funding shortfall in the Social Security program threatens to jeopardize the financial security of retired and working Americans. Because designated tax revenues are no longer enough to cover Social Security payment obligations, the Social Security Administration (SSA), by necessity, has been using reserve funds to make outgoing payments for many years. Estimates suggest that by 2032, the reserve funds for old-age and survivor benefits will be depleted. If this happens, the SSA, in the absence of congressional action, will be legally required to immediately reduce Social Security payments to American retirees, including retired clergy and lay workers, by an estimated amount of 22 percent.

Call for action

The Church Alliance calls for congressional action to protect the future of this important program.