Social Security
Ensuring the Solvency of Social Security, Now and for Future Generations
Senator Reed is committed to ensuring that Social Security remains a strong and viable social insurance program.
Today, over 50 million Americans rely on Social Security benefits to help pay their bills.
For over 70 years, Social Security has demonstrated our national commitment to a decent and dignified life for older Americans. Without this important program, nearly 50 percent of America's seniors would live below the poverty-line. However, Social Security is more than a retirement security program. One of every three Social Security beneficiaries is an individual with a disability, a member of his or her family, or the survivor of a worker who has died.
Throughout his career in Congress, Reed has repeatedly voted to keep Social Security on sound financial footing and opposed efforts to privatize the program or use it to pay for new tax breaks for the wealthy.
The baby boom generation's impending retirement raises challenges that must be addressed. Senator Reed strongly believes that we must encourage more personal savings and investment for retirement, but not at the expense of Social Security, the one program that offers stable, guaranteed income security to the elderly, individuals with disabilities, and survivors.
Senator Reed continues to work to ensure the federal government honors our promise to those who have worked hard and paid into the system.
To bolster American's retirement security, he also supported the Pension Protection Act, which became law in 2006 and made positive strides toward strengthening private pension plan funding and improving the financial position of the Pension Benefit Guarantee Corporation. This law permanently extended the savers' tax credit, established automatic enrollment in 401(k) plans, and provided protections for employees whose plans are heavily invested in company stock.
Recent News:
Trustees' Report Again Shows No Social Security Crisis, But Challenges for Medicare
Statement by U.S. Senator Jack Reed on the 70th Anniversary of Social Security
Floor Statement on Protecting Social Security
Reed, Disabled Community Oppose President's Plan to Privatize Social Security
Floor Statement on the President's Plan to Privatize Social Security
Outside Links:
