The long-term solvency of Social Security has been a topic of concern for Congress and individual taxpayers for years. The Social Security Board of Trustees recently estimated that Social Security’s trust funds will be unable to pay full benefits beginning in 2034, instead of last year’s estimate of 2035. After 2034, Social Security would be able to pay only 81% of scheduled benefits. The report cites factors for the reduced timeframe that include a recent law passed by Congress that increased benefits for certain workers and the trustees’ assumption that it’ll take longer for the nation’s fertility rate to recover from historically low levels. Read the report summary: https://bit.ly/4e6SQog
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