Social Security is approaching a funding shortfall that could trigger across-the-board benefit reductions by early 2032. While the program is not going bankrupt, it relies on trust fund reserves to bridge the gap between payroll tax revenue and obligations. Those reserves, established by 1983 reforms, are projected to be depleted within the decade.
If Congress does not act, the program will only pay benefits from incoming revenue. The Congressional Budget Office estimates cuts could reach 28% annually by 2033, impacting over 70 million people. Read the full story at Fortune (subscription).
Source · Fortune
