The Social Security Old-Age and Survivors Insurance (OASI) Trust Fund pays retirement, spousal, and survivors benefits. Before President Biden signed the Social Security Fairness Act into law, the OASI Trust Fund was expected to be insolvent by 2033, at which point only 79% of scheduled benefits would have been payable.

Craig Bolanos, Co-Founder and Wealth Advisor at VestGen Wealth Partners, appeared on the WGN Evening News to discuss the changes to social security under the Social Security Fairness Act. To contact Craig Bolanos,

We're just days away from a second Trump administration entering the White House, and like all political transitions, we can expect changes once he takes office. Some of the most interesting ones for retirees could be those related to Social Security.

Social Security is one of the most important income sources for retirees. Most people qualify for retirement benefits as long as they worked long enough, and the benefits are both protected from the impact of inflation and guaranteed to last until your death.

Trump once proposed tackling Social Security's funding shortfall by increasing the country's oil and gas leasing revenue. The appeal of this strategy is that it doesn't hurt working Americans by raising payroll taxes, nor does it take any Social Security benefits from seniors who depend on them.