Social Security is on track to become insolvent by 2032, putting benefits at risk of a cut
Summary
Social Security is expected to run out of enough money by 2032 to pay full benefits. After that, the program may only be able to pay about 78% of promised benefits to more than 62 million Americans.Key Facts
- More than 62 million Americans receive Social Security benefits.
- Social Security benefits come from the Old-Age and Survivors Insurance fund.
- A federal report says the fund will become insolvent by the end of 2032.
- Insolvent means the fund will not have enough money to pay full benefits.
- After 2032, the fund can only pay about 78% of benefits scheduled.
- This could lead to benefit cuts unless changes are made.
- Social Security is a key part of retirement and survivor income for many Americans.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.