On Wednesday, June 19, you’re invited to join KSAT and AARP Texas for a special conversation about Social Security.
The forum, “Can Social Security Survive and Thrive?” airs June 19 at 7 p.m. on KSAT 12 and across all KSAT digital platforms, including at the top of this article and KSAT’s YouTube channel.
KSAT anchor Stephania Jimenez will moderate the discussion with the following panelists:
-
Dennis W, Jansen, Economics Professor, Texas A&M University
-
Marisa Bono, CEO, Every Texan
-
Rogelio Saenz, Sociology & Demography Professor, UTSA
KSAT and AARP’s forum about the future of Social Security aims to address solutions and help voters address their concerns about the program with their congressional representatives.
‘I’m relying on this’
The program is now facing one of the biggest challenges since its inception. Trustees with Social Security say if Congress doesn’t do something to shore up the system’s finances, beneficiaries may not get their full benefits beginning in 2035. According to trustees, if Congress fails to act, beneficiaries will see a 17 percent reduction in benefits by 2035.
Currently, about 70 million Americans receive Social Security benefits. A 2020 report found that 40 percent of older Americans relied on Social Security as their sole source of income after retirement, making the possibility of a 17 percent reduction devastating.
It’s a concern for many Texans who rely on the program now, plan to in the future, or know someone who currently benefits from Social Security.
“Once I retire, I’ll have three sources [of income]…and one of them is to be Social Security,” said Roderick Walker, 63.
Nessa Bustos, 33, told KSAT her grandmother receives benefits through the program.
“I just, you know, [want to] make sure she’s in the best position possible,” said Bustos.
“I’m 100 percent disabled from being in the accident. So, no, I wouldn’t be able to make it without social security,” said Ron Brubaker, 63.
Brubaker, Bustos and Walker told KSAT the program gives them peace of mind, when there are so many unknowns.
“I’m relying on this as part of our financial future,” said Walker’s wife, Brandi Walker, 49.
4.5 million Texans receive Social Security
Millions of Americans are in Walker’s position. AARP estimates more than 4.5 million people in Texas receive Social Security benefits. A majority of them are retirees — averaging less than $1,800 per month in benefits. Disabled workers in the state average about $1,500 in benefits per month.
In context, according to Zillow, the median monthly rent in San Antonio is slightly more than $1,700 per month. So while Social Security benefits aren’t hefty, they help people pay for some housing and food. But what if the already limited benefits are reduced?
“It’s going to put me in a spot,” said Debra Jones, 60.
According to trustees, should Congress fail to address the program’s expected shortfalls, beneficiaries will see a 17 percent reduction in benefits by 2035. That’s bad news for Jones, who admits Social Security will be her sole source of income once she retires.
“Food keeps going up. Everything keeps going up… even now when I cook… I’m very frugal… I make meals that will stretch… days,” said Jones.