Social Security is projected to encounter significant benefit cuts as early as 2035 due to increasing payments to retiring baby boomers combined with declining new workforce entrants. Although Social Security cannot go bankrupt due to its funding from payroll taxes, its trust funds are expected to deplete by 2035, leading to potential cuts. Lawmakers have various solutions to address these challenges; however, each comes with its own set of complications. Measures such as raising the full retirement age could alleviate pressure, but the implications for future retirees must be considered carefully.
"The problem is that in the coming years, Social Security expects to owe more in scheduled benefits than it collects in payroll taxes due to baby boomers retiring in droves."
"Benefit cuts could plunge countless seniors into poverty, and that's a crisis lawmakers will no doubt be eager to avoid."
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