The Future of Social Security: What Retirees Need to Know

Tuesday, 14 May 2024, 07:45
The latest report from the Social Security Administration paints a mixed picture for retirees. While the trust funds are expected to run dry by 2035, leading to potential benefit cuts, there's a silver lining with the funds lasting slightly longer than previously predicted. Benefit cuts may be on the horizon, affecting all beneficiaries, unless Congress takes action to address the program's financial challenges.
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The Future of Social Security: What Retirees Need to Know

Is Social Security running out of money?

Social Security faces cash challenges with trust funds running dry by 2035.

The not-so-good news about the future

Benefit cuts may loom as trust funds are expected to cover only 83% of scheduled benefits by 2035.

The silver lining

Trust funds depletion slowed, offering retirees more time before potential cuts.

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.

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