Social Security is facing growing financial pressure as the program now spends more on benefits than it collects in payroll taxes. For many years, Social Security brought in more money than it paid out. That extra money was saved in reserves and invested in U.S. Treasury bonds. Those reserves are now being used to help … Read more
Social Security’s long-term funding crisis is often blamed on America’s aging population, falling birth rates and the shrinking number of workers supporting retirees. But another factor is adding pressure to the system: income inequality. As more income flows to high earners, a larger share of wages is falling above the Social Security payroll tax cap. … Read more
Social Security recipients could face automatic benefit cuts within the next several years if lawmakers fail to address the program’s growing funding gap. The latest trustees’ projections show the retirement trust fund could be depleted by late 2032. That does not mean Social Security would disappear, but it does mean the program would no longer … Read more
A key Social Security trust fund used to pay retirement benefits may be depleted in late 2032, according to the latest annual trustees report from the Social Security Administration. The new projection moves the deadline about three months earlier than last year’s estimate. If the Old-Age and Survivors Insurance trust fund runs out as projected, … Read more
Millions of retirees could face a major Social Security benefit cut as soon as 2032 if Congress does not fix the program’s funding problem. A new analysis from the Committee for a Responsible Federal Budget warns that monthly checks could be reduced by about $500 on average. That would represent a 24% cut in retirement … Read more
Millions of Americans who depend on Social Security could see their monthly checks reduced by around $500 if the program’s retirement trust fund becomes insolvent by the end of 2032. A new analysis from the Committee for a Responsible Federal Budget warns that the typical benefit payment could be cut by about 24% if lawmakers … Read more