Social Security funds face a long-term financial crunch that could mean some benefits get cut sooner for retirees, according to a recent government report.
Rep. Ro Khanna, R-Calif., discusses the Los Angeles school strike, fallout from Silicon Valley Bank and his proposal to make social security solvent.is expected to run dry within a decade as a result of slower economic growth — and today's youngest retirees could be among the first in the nation to see benefit cuts.entitlement program faces insolvency
Unless major changes are made before 2034 to shore up the trust fund, more than 66 million Americans would see a benefit reduction between about 23% to 25%, the report showed. In this photo illustration, a Social Security card sits alongside checks from the U.S. Treasury on October 14, 2021 in Washington, DC.
"The Social Security program is only 11 years from insolvency, with insolvency of the old-age program only a decade away," the group said. "Action must be taken soon to prevent an across-the-board benefit cut for many current and future beneficiaries.", who leads the Social Security and Medicare trustees, emphasized the need to bolster both the Medicare and Social Security funds in a statement on Friday.
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