All articles tagged with #benefits cut
Social Security benefits are projected to be reduced by 24% by 2032 due to policy changes, leading to significant financial impacts for retirees, alongside an 11% cut in Medicare hospital payments, as the trust fund approaches insolvency.
Republican Senator Bill Cassidy of Louisiana is working on a bipartisan "big idea" to address Social Security's 75-year shortfall by creating an investment fund separate from Social Security and allowing the investment to earn returns over a period of 70 years. Cassidy is working with Sen. Angus King, I-Maine, to craft a bipartisan solution to fix the program. The idea for investing Social Security's funds in the market is inspired by private pension funds, which already buy securities outside of Treasurys. Social Security's combined trust funds will only be able to pay full benefits until 2034, according to recent projections from the Social Security Board of Trustees.