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 retirees could face a 22% benefit cut if Congress does not act before the program’s retirement trust fund runs short of reserves, according to new government projections. The latest Social Security and Medicare Trustees Report estimates that the Old-Age and Survivors Insurance trust fund could exhaust its reserves in late 2032. That is … Read more
Millions of Americans are paying close attention after the latest Social Security trustees report warned that the trust fund supporting retiree and survivor benefits may run short earlier than expected. According to the report, the Old-Age and Survivors Insurance trust fund, known as OASI, could begin depleting by the fourth quarter of 2032 if Congress … Read more