Social Security's Chief Actuary Just Updated the Timeline Until Potential Benefit Cuts. Here's Where Things Stand Now.

The government celebrated the 90th anniversary of the Social Security Act becoming law this month, but the program could look very different before it reaches 100.The Social Security Board of Trustees publishes an annual report detailing the financial status of the program. That includes projections over the next 75 years for both the Disability Insurance (DI) Trust and the Old Age and Survivors Insurance (OASI) Trust. The latter is the fund used to pay out retirement benefits to over 60 million Americans.Unfortunately, those projections show that those Americans will soon face a significant cut in benefits unless Congress acts to change the Social Security laws. The Trustees' report, published in June, showed that the program would fully deplete the trust by early 2033. At that point, the report estimates that incoming revenue will be enough to pay out 77% of scheduled benefits.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool