Social Security Faces Funding Crisis by 2034 Without Congressional Action
TL;DR
The Social Security fund may become depleted earlier than previously forecast, risking automatic benefit cuts of 23% by 2033 if Congress does not implement reforms, according to the latest trustees report.
- Social Security on track to run out of money by 2034, trustees say The Washington Post
- Social Security retirement trust fund may be depleted in less than a decade, new trustees' report finds CNBC
- Social Security benefits face big cuts in 2033, unless Congress acts NPR
- Social Security, Medicare finances worsen, bringing funding cliffs sooner Politico
- Social Security won’t be able to pay full benefits in 2034 if Congress doesn’t act CNN
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