"The OBBBA is estimated to increase the cost of the Social Security program by approximately $169 billion over the 10-year period from 2025 through 2034."
"Once Social Security's trust funds run out of money, benefit cuts may be inevitable unless lawmakers act."
"Many Social Security recipients are having a hard time making ends meet, and the threat of benefit cuts looms, causing seniors immense stress."
"The majority of Social Security recipients are not expected to owe taxes on their benefits, which could push the program even closer toward insolvency."
Millions of older Americans rely on Social Security benefits to meet their financial needs. Many recipients are already struggling, and looming benefit cuts are causing significant stress. The program's funding is threatened by a decrease in payroll tax revenue as baby boomers retire. Recent changes, including a new tax deduction from the One Big Beautiful Bill Act, may worsen the financial situation by reducing taxed benefits. The Chief Actuary estimates this could increase costs by $169 billion over ten years, raising concerns about the program's sustainability.
Read at 24/7 Wall St.
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