Social Security retirement trust fund projected to run dry by late 2032, trustees report
By
Tami Luhby
Toasted golden, schmeared with insight. Top of the rack.
Summary
Social Security's retirement trust fund is projected to be exhausted by late 2032, one quarter earlier than previously forecast, according to an annual report from the program's trustees. If Congress does not act to shore up the program's finances, tens of millions of retirees and other Americans could face reduced monthly Social Security checks in six years. The report highlights the growing urgency for legislative action to address the program's long-term solvency.
Key quotes
· 2 pulledTens of millions of retirees and other Americans could see smaller monthly Social Security checks in six years if lawmakers don't act to shore up the program's finances.
Social Security's retirement trust fund — which helps support payments to senior citizens and survivors of deceased workers — is expected to be exhausted in late 2032, which is one quarter earlier than previously forecast.
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