Social Security's retirement fund is projected to be depleted by 2032. If Congress doesn't act, benefits could be slashed by 22%.
Americans have paid into the system for decades, but the trust fund is running out. The core issue: more retirees drawing benefits, fewer workers paying in, and decades of political gridlock.
Washington has known about this for years but hasn't passed a fix. Options include raising the payroll tax cap, adjusting the retirement age, or cutting benefits—all politically toxic.
The clock is ticking. Without reform, millions of retirees face a sharp drop in income within eight years.
Americans have paid into the system for decades, but the trust fund is running out. The core issue: more retirees drawing benefits, fewer workers paying in, and decades of political gridlock.
Washington has known about this for years but hasn't passed a fix. Options include raising the payroll tax cap, adjusting the retirement age, or cutting benefits—all politically toxic.
The clock is ticking. Without reform, millions of retirees face a sharp drop in income within eight years.