from24/7 Wall St.
1 week agoSocial Security Faces $460 Monthly Cut Per Retiree Unless Congress Acts
The Old-Age and Survivors Insurance Trust Fund faces a critical milestone in 2033 when its reserves are projected to run dry. This doesn't mean Social Security disappears-payroll taxes from current workers will continue flowing in, but those taxes alone won't cover full benefits. The gap between incoming revenue and promised payments creates the funding crisis. Without congressional action, the program could only pay about 77% of scheduled benefits.
US news
