Social Security trustees project the retirement trust fund will be depleted by the end of 2032, triggering 22% automatic benefit cuts unless Congress acts. The program would still pay benefits, but only 78% of scheduled amounts.
Posts tagged as “The Old Age and Survivors Insurance Trust Fund”
The trustees of the Social Security and Medicare trust funds have released their annual report, revealing that the trust funds are facing financial challenges and will run out of reserves in 2034. Treasury Secretary Janet Yellen has expressed the Biden-Harris Administration's commitment to protecting these programs, and the trustees have urged lawmakers to take action to address the pending shortfall.