Report: Social Security insolvency by 2033 could cost average Ohio senior $487 per month
By
Marty Schladen
Toasted golden, schmeared with insight. Top of the rack.
Summary
The Social Security and Medicare Board of Trustees reports both programs will become insolvent by 2033, meaning significant benefit cuts rather than complete shutdown. The nonpartisan Committee for a Responsible Federal Budget estimates over 2 million Ohioans will lose an average of $487 per month, costing the state $12.1 billion annually. Advocates warn this will drive many Ohio seniors into poverty if Congress fails to act.
Key quotes
· 3 pulledHuge numbers of Ohio seniors will likely be driven into poverty if Congress doesn't do something to fix Social Security and Medicare, advocates say.
The Social Security and Medicare Board of Trustees last Tuesday issued a report saying that both programs will be insolvent in less than a decade.
That doesn't mean the programs will shut down altogether, but it does mean a big cut in benefits.
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