MONTGOMERY, Ala. (WSFA) – Congressman Shomari Figures (D-AL) delivered a warning at the Montgomery Area Chamber of Commerce briefing on Wednesday, highlighting how looming federal issues, specifically the solvency of Social Security, threaten to disproportionately impact Alabamians.
“We know that seniors here in the State of Alabama, for a lot of them, for many of them, they weren’t fortunate enough to have big 401(k)s, big IRAs,” Figures said. “Their retirement plan looks like this: own my own home, have children that can help take care of us, and Social Security.”
Figures pointed to updated projections showing the Social Security Trust Fund is on track to run out of money ahead of schedule, with the exhaustion date now expected in 2032…