Summary
President Donald Trump discussed his commitment to protecting Social Security during his State of the Union speech. The Social Security Administration faces a funding shortage, projected by 2033, which could reduce benefits if Congress does not intervene. Social Security currently supports over 70 million Americans.
Key Facts
- President Trump pledged to protect Social Security and make saving for retirement easier.
- The Social Security Administration might face a funding shortage by 2033, reducing benefits to 80%.
- Social Security benefits depend on payroll taxes and may cover 77% of scheduled benefits post-2033 without congressional action.
- The average Social Security check for retired workers in January was $2,071 per month.
- Social Security benefits can be taxable depending on a person's overall income.
- In the early 1980s, major reforms were introduced to address past Social Security funding issues.
- A recent bipartisan proposal was suggested by Senators Bill Cassidy and Tim Kaine to address funding problems.
