Social Security retirement trust fund will run dry in 2032 unless Congress acts:
$ETH Tens of millions of retirees and other Americans could see smaller monthly Social Security checks in six years if lawmakers don’t act to shore up the program’s finances, according to an annual report released Tuesday by Social Security’s trustees.
Social Security’s retirement trust fund — which helps support payments to senior citizens, their dependents and survivors of deceased workers — is expected to be exhausted in late 2032, which is one quarter earlier than previously forecast, according to the trustees. At that time, payroll tax revenue and other income sources will be able to cover only 78% of benefits owed.
That means the next president could be faced with having to address Social Security’s shaky finances, which have long been considered a third rail in American politics. The issue could play a more prominent role in the 2028 presidential campaign if the projected expected insolvency date remains only a few years away.
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$ETH Tens of millions of retirees and other Americans could see smaller monthly Social Security checks in six years if lawmakers don’t act to shore up the program’s finances, according to an annual report released Tuesday by Social Security’s trustees.
Social Security’s retirement trust fund — which helps support payments to senior citizens, their dependents and survivors of deceased workers — is expected to be exhausted in late 2032, which is one quarter earlier than previously forecast, according to the trustees. At that time, payroll tax revenue and other income sources will be able to cover only 78% of benefits owed.
That means the next president could be faced with having to address Social Security’s shaky finances, which have long been considered a third rail in American politics. The issue could play a more prominent role in the 2028 presidential campaign if the projected expected insolvency date remains only a few years away.
Let me know what you think about it
