US EditionSocial Security Is Shrinking Faster Than Expected. What It Could Mean for Your Future Checks
UNITED STATES, JUN 23 – Social Security trust funds will be exhausted by 2034, forcing a 23% cut in benefits unless Congress enacts phased reforms, trustees warn amid rising public concern.
- The 2024 Social Security Trustees report showed that combined trust funds will run dry by 2034, a year earlier than expected.
- This earlier depletion results from lower birthrates, the Social Security Fairness Act increasing payouts, and more Baby Boomers retiring than the workforce can support.
- After depletion, monthly payments will continue but could be reduced by nearly 25%, with payroll tax revenue funding up to 81% of scheduled benefits.
- Senator Elizabeth Warren’s staff found phone wait times often exceed three hours despite Commissioner Bisignano's claims of improvement, calling these delays 'deeply troubling.'
- The situation highlights an urgent need for phased reforms to maintain solvency and protect millions who rely on Social Security as their main income source.
20 Articles
20 Articles
The Overextended Retirement State
The welfare state is supposed to redistribute funds from times of plenty to times of need, as well as from rich to poor. That is why the nation’s most generous publicly financed benefits are reserved for seniors, who have less capacity to earn money and who face higher health-care costs, while taxes are concentrated on […]
Social Security may run out of funds for full payments earlier. Here's how it impacts benefits.
A new projection shows Social Security is on track to deplete its funds for full payments earlier than previously forecasted. CBS News business analyst Jill Schlesinger breaks down how it could impact beneficiaries and how the problem can potentially be fixed.
Trump poised to 'make matters worse' for 73M Americans: analysis
President Donald Trump is about to make matters worse for the 73 million Americans who are on Social Security, according to MSNBC Opinion Editor James Downie.His remarks come after the Social Security Board of Trustees announced the program will run out of money in 2034. “Soon enough, Social Security will face a funding crisis — and President Donald Trump’s approach will only make matters worse,” Downie said.According to reports, Social Security…
'Millions of dead people': Donald Trump trots out a prehistoric lie, and oh, his fingerprints are all over the impending collapse
The Social Security program is facing a serious crisis as its trust funds are expected to run out sooner than previously thought. According to the Social Security Board of Trustees, the program’s combined trust funds will be empty by 2034, which is one year earlier than what was projected in 2024. According to MSNBC, the program, which serves over 73 million beneficiaries, might have to cut retirement benefits by almost 25 percent in less than a…
Time to fix Social Security and to stop scaring older Americans
Re “Medicare and Social Security go-broke dates pushed up due to rising health care costs” (June 18): Stories like this are like elder abuse, stressing out retired Americans who contributed to Social Security during their entire working careers who depend on this money every month. I’ve been hearing this same old, sad story for years. A solution is never found. Just a grim outlook. Time for our government to get it together and do something inst…
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