Congress Considers Solutions to Prevent 20% Cut in Social Security Benefits

Social Security beneficiaries in the U.S. may face a 20% benefit cut within the next decade due to a funding shortfall. Congress has the power to address this issue before the projected depletion date in 2034. Lawmakers have proposed different reform plans, including creating a new Social Security fund invested in the stock market and increasing payroll taxes for higher earners. However, progress has been hindered by political obstacles and lack of bipartisan agreement. Without action, Social Security beneficiaries are concerned about the potential impact on their financial security.