Social Security Trustees Forecast Significant Deterioration, 23% Benefit Cuts in Just 10 Years
< < Go Back
The Social Security trustees released their annual report Friday, noting significant deterioration in Social Security’s financial well-being.
Here’s what Americans need to know.
Social Security will be broke within a decade. Politicians have no credible plan to fix it. And the longer they wait—choosing to vilify their colleagues instead of working with them—the higher the costs will be for all but the oldest Americans.
According to the trustees, Social Security’s old-age retirement program will run out of money in 2033. That means that anyone who is 57 or younger today won’t receive a single full benefit. And all Social Security beneficiaries—whether 67 or 107—will be subject to 23%, across-the-board benefit cuts in 2033 and beyond.
That will mean a loss of more than $5,000 per year in annual benefits for a typical retiree.
That’s the status quo that any politician who refuses to discuss Social Security reform supports, by default.
More From Daily Signal:
Rss Feed