"In less than seven years, the Social Security Retirement Trust Fund will go broke, and under federal law, its insolvency will automatically trigger gigantic reductions in benefits."
"According to estimates from the non-partisan Committee for a Responsible Federal Budget, low and medium income retired couples would respectively face hits of $11,200 and $18,400 a year."
"Social Security is facing staggering cash shortfalls of around 4% a year through the year 2100, with the One Big Beautiful bill worsening the outlook."
"The CFRB is proposing a fix that promises significant progress towards putting the program on a path to self-sufficiency."
The Social Security Retirement Trust Fund is projected to go bankrupt in less than seven years, leading to automatic benefit reductions. Low and medium income retired couples could see annual losses of $11,200 and $18,400, respectively. Seniors rely on Social Security for over half their income. The program has been cash flow negative since 2010, with benefits being paid from reserves. By 2033, the trust fund will be depleted, affecting all beneficiaries equally. Proposed reforms aim to restore the program's financial stability by adjusting benefits for affluent Americans.
Read at Fortune
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