Members of the U.S. House of Representatives serve two-year terms, while those in the U.S. Senate serve six-year terms. The longer you're in office, the more time you have to face challenges -- and solve problems. Senators elected this November in the midterm elections will likely not have a chance to sidestep the issue of Social Security shortfalls, as their six-year terms will run them right up to a dreaded date.

They won't be able to kick the can down the road like previous members of Congress have done.

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Time is nearly up

The 2025 Social Security Board of Trustees Report indicated that the Old-Age and Survivors Insurance (OASI) Trust Fund -- the part of the Social Security Administration (SSA) that pays retirement benefits -- will run out of money in 2033 unless legislators step in. Money would still be coming in to cover a portion of payments, but cuts would have to happen.

A senator elected in 2026 who serves their full term will be in office as we near that date and the time for implementing a fix runs out. Those hoping to run for another term would practically hand their opponent a weapon to use against them if they failed to fix the system.

What inaction could bring

Politicians would face consequences for failing to fix the system, but so would everyday folks. According to the Urban Institute, these include:

• Benefit cuts of around 23%.
  • Lower-income Americans would be the hardest hit by the cut.
  • The number of older adults living in poverty would surge, with 3.8 million people 62 and older experiencing poverty by 2045. That's an increase of 55%.

For some seniors, a cut in benefits would mean having to go back to work.

Proposed solutions

If Congress can work together, think tanks have designed a menu of ideas to keep Social Security solvent in the future. Here are some of the ideas proposed by the Brookings Institution and the Committee for a Responsible Federal Budget:

• Increase taxable earnings. For 2026, the maximum taxable wage is $184,500. Those earning more do not have to pay Social Security taxes on any amount earned beyond that.
• Slightly increase the payroll tax.
• Close the loophole that allows some business owners to escape the payroll tax entirely.
• Increase the retirement age for high earners.
• Raise legal immigration levels to increase the pool of tax-paying workers.
• Devote more proceeds from taxes on Social Security benefits to the OASDI trust fund.
• A cap on Social Security cost-of-living adjustments for wealthy seniors.

After years of planning for retirement, today's seniors believed they could count on Social Security. However, it's up to legislators -- including the incoming class of senators -- to ensure the money is available.