Social Security faces potential funding crisis by 2034 without congressional action
TL;DR Summary
A report warns that the Social Security trust fund will be depleted in eight years, leading to automatic benefit cuts of 23% unless Congress intervenes by raising taxes or cutting benefits, amid demographic shifts and increased early withdrawals.
- Social Security benefits face big cuts in 2033, unless Congress acts NPR
- Social Security retirement trust fund may be depleted in less than a decade, new trustees' report finds CNBC
- Social Security won’t be able to pay full benefits in 2034 if Congress doesn’t act CNN
- Medicare and Social Security go-broke dates pushed up due to rising health care costs, new SSA law AP News
- Social Security on track to run out of money by 2034, trustees say The Washington Post
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