(NewsNation) — Social Security’s trust funds, which cover old-age and disability recipients, will be unable to pay full benefits starting in 2034, a year earlier than previous projections, according to an annual report released Wednesday.
After that point, Social Security would only be able to pay 81% of scheduled benefits.
Last year’s estimate from the program’s trustees put the Social Security go-broke date at 2035, but the Social Security Fairness Act, enacted in January, had an impact on the depletion date of SSA’s trust funds and is one of the reasons the timeline has moved up a year.
The latest forecast underscores a worsening situation that Congress will need to address to shore up the program’s finances so the program can deliver full retirement benefits in the future.
This is a developing story that will be updated.
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