The Future of Social Security in 2034: Insights and Solutions
Sunday, 31 March 2024, 18:00
The Fiscal Outlook for Social Security
Social Security faces a major funding crisis as the trust funds are projected to be depleted in 2034, resulting in benefit cuts and financial hardship for millions of seniors.
Impacts of Depletion
- 20% benefit cuts starting in 2034
- Additional 6% reduction in benefits until 2097
- Strain on budgets of recipient seniors
It's crucial for Congress to address this issue promptly to avoid detrimental consequences.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.