05/07/2024

The Clock is Ticking to Fix Social Security

Retirees will face an automatic cut in nine years

Congress has less than a decade to fix Social Security before the popular program runs short of cash, threatening a sharp cut in benefits for nearly 60 million retirees and family members, according to a government report released Monday.

The report from Social Security trustees predicts the retirement program's trust fund will be exhausted in November of 2033. At that point, benefits would automatically be cut by 21 percent, unless lawmakers adopt changes before then.

There's some good news in the new forecast. Thanks to higher-than-expected worker productivity and a decline in expected disabilities, Social Security isn't burning through cash as fast as trustees predicted a year ago.

Please select this link to read the complete article from NPR.