Knight
Well-known Member
According to the report, cash for the Social Security program will run out in 2031, just eight-years time. If more funds are not directed to the support then 66 million recipients will have their benefits cut by a quarter.
This prediction is a year closer than the previous estimate of 2032 due to slower-than-expected economic growth.
“Social Security and Medicare are two bedrock programs that older Americans rely upon for their retirement security,” said trustee lead and Treasury Secretary Janet Yellen. “The Biden-Harris Administration is committed to ensuring the long-term viability of these critical programs so that retirees can receive the hard-earned benefits they’re owed.”
While the program won’t run out of money completely, there would be a trust fund shortfall. Retirees would receive lower Social Security payments. Social Security is estimated to provide at least half the income of 50% of older married couples and 70% of older singles.
https://www.msn.com/en-us/money/ret...1&cvid=f923b4c6ec3846f5b0628feed599645d&ei=42
This prediction is a year closer than the previous estimate of 2032 due to slower-than-expected economic growth.
“Social Security and Medicare are two bedrock programs that older Americans rely upon for their retirement security,” said trustee lead and Treasury Secretary Janet Yellen. “The Biden-Harris Administration is committed to ensuring the long-term viability of these critical programs so that retirees can receive the hard-earned benefits they’re owed.”
While the program won’t run out of money completely, there would be a trust fund shortfall. Retirees would receive lower Social Security payments. Social Security is estimated to provide at least half the income of 50% of older married couples and 70% of older singles.
https://www.msn.com/en-us/money/ret...1&cvid=f923b4c6ec3846f5b0628feed599645d&ei=42