by Senate Minority Leader Chuck Schumer has introduced new legislation designed to protect and modernize the Social Security system, as millions of Americans face growing uncertainty over the future of their retirement benefits.
The proposal, titled the Keep Billionaires Out of Social Security Act, aims to improve service access, protect local offices from closure, and shore up the long-term solvency of the Social Security trust fund, which supports more than 60 million beneficiaries nationwide.
Why It Matters
Social Security remains a critical source of income for retirees, but recent forecasts show the program’s primary trust fund may be depleted by 2033. Without congressional action, that could result in across-the-board benefit cuts of 23%.
In addition, budget constraints and staffing reductions have led to worsening service levels—longer wait times, limited appointment availability, and potential office closures—particularly affecting rural and underserved areas.
In Schumer’s home state of New York, over 203,000 seniors in the Southern Tier region rely on monthly payments totaling more than $330 million. Many of these seniors have reported difficulties accessing their earned benefits in a timely and secure manner.
“If no one can take your call, if the website keeps crashing, if they fire the staff that processes your claims, if they make it impossible for you to get the help you need, that’s a cut to your Social Security benefits—and I won’t stand for it,” Schumer said.
What the Bill Would Do
The new legislation proposes:
- Keeping local Social Security offices open
- Hiring more staff to reduce processing delays
- Improving online systems and data security
- Protecting access to earned benefits for seniors and the disabled
It also reflects broader efforts to hold the ultra-wealthy more accountable, aligning with growing calls for wealth-based tax reforms to help sustain federal programs.
Other Recent Changes to Social Security
- Cost-of-Living Adjustment (COLA): All Social Security beneficiaries received a 2.5% COLA in 2025, raising the average monthly benefit and helping seniors offset inflation.
- Social Security Fairness Act: Signed into law earlier this year, this act eliminated the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO)—two measures that had reduced benefits for public servants like teachers, police officers, and federal workers.
- Retroactive Payments: Around 3.1 million beneficiaries received increased payments backdated to January 2024 as a result of those reforms.
What’s Next
Senate Democrats are preparing to formally introduce the new Social Security legislation in September. If passed, it would provide urgent operational support to the Social Security Administration and attempt to avoid future benefit reductions.
However, the bill faces a difficult path forward, with limited bipartisan support and competing priorities in a divided Congress. Lawmakers are under pressure to reach consensus before critical funding deadlines this fall, as the debate over Social Security’s financial future intensifies.
