CBO reduces the expected lifespan for Social Security
Briefly

from www.housingwire.com5 days ago
The CBO's report indicates that the OASI Trust Fund will decline to zero by 2034, while the DI Trust Fund is expected to exhaust by 2064, signaling imminent challenges for Social Security.
www.housingwire.comhttps://www.housingwire.com/articles/cbo-reduces-the-expected-lifespan-of-the-social-security-program/
According to CBO, starting a decade from now, Social Security's revenues will fall short of covering the benefits that are due under current law, highlighting the need for urgent reforms.
www.housingwire.comhttps://www.housingwire.com/articles/cbo-reduces-the-expected-lifespan-of-the-social-security-program/
To address the looming insolvency, the CBO suggests increasing the Social Security payroll tax by 35% or reducing benefits by 24%, two stark choices that could significantly impact beneficiaries.
www.housingwire.comhttps://www.housingwire.com/articles/cbo-reduces-the-expected-lifespan-of-the-social-security-program/
Economic and demographic uncertainties coupled with potential growth rates could drastically influence the Social Security program, affecting the necessary changes to maintain benefit payments as scheduled through 2098.
www.housingwire.comhttps://www.housingwire.com/articles/cbo-reduces-the-expected-lifespan-of-the-social-security-program/
Read at www.housingwire.com
#social-security #cbo-report #trust-fund-insolvency #economic-projections #retirement-benefits
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