The recent Social Security trustee's report highlights alarming financial instability regarding the Old-Age and Survivors Insurance Trust Fund, which is expected to deplete funds by 2033. This depletion would trigger an automatic 21% cut in benefits, affecting current retirees. While the Disability Trust Fund remains solvent until 2098, potential plans to combine the two trust funds could extend the timeline for benefit payments, albeit at a reduced rate of 83%. Urgent measures are required to secure the program's future and aid retirees reliant on these benefits.
Social Security currently has two trust funds, with the OASI Trust Fund set to run dry by 2033, necessitating a 21% benefits cut if no action is taken.
Despite the OASI Trust Fund's impending insolvency, the Disability Trust Fund will remain solvent until 2098, with the potential to combine both funds to extend payment timelines.
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