Despite Decades of Warnings, the Depletion of Social Security’s Trust Fund Has Been Getting Closer
The depletion dates for Social Security and Medicare’s Trust Funds are rapidly approaching.
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The depletion dates for Social Security and Medicare’s Trust Funds are rapidly approaching.
Without reform, the Social Security Trust Funds will soon be depleted and unable to pay full benefits.
Many policymakers have called for the full retirement age to be gradually raised and ultimately pegged to average life expectancy.
https://www.pgpf.org/blog/2022/11/social-security-reform-should-we-raise-the-retirement-age
Social Security is the cornerstone of financial security for millions of Americans, and it is a major part of the federal budget.
https://www.pgpf.org/quiz/how-much-do-you-know-about-social-security
Social Security has been a cornerstone of economic security for almost 90 years, but the program is on unsound footing.
“The writing on the wall couldn’t be any more clear: Social Security and Medicare remain on a dangerously unsustainable path," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
The projected shortfall of future Social Security revenues is the result of political action, not the absence of policy options for addressing this issue.
“It makes no sense that we allow programs as essential as Social Security and Medicare to remain on such shaky and uncertain fiscal ground," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
Based on the Trustees’ projections, combined Social Security benefits could be cut by 20 percent in 2035 without legislative action
https://www.pgpf.org/chart-archive/0246_social-security-20-percent-cut
“These reports drive home the urgent need to ensure that the critical Medicare and Social Security programs are sustainable into the future," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.