Senators Unveil Plan to Come Up With a Social Security Fix

Congress may finally be nudging toward a Social Security fix, without spelling out the fix just yet. A bipartisan group of senators on Tuesday rolled out the PROMISE Act—that's Protecting Retirement Opportunities and Maintaining Income Security for Everyone, reports CNBC. The bill would instruct the seven-member Social Security Advisory Board to craft a plan, with public input, to keep the program's trust funds solvent for at least 50 years, reports CBS News.

The move follows a trustees' report warning the retirement fund could run short by 2032, triggering a roughly 22% benefit cut for about 70 million Americans unless Congress intervenes. Any board proposal would still have to clear committees and win a majority vote in the House and a three-fifths Senate vote.