Social Security faces a potential 17% benefit cut in 11 years due to financial issues.
Social Security faces a potential 17% benefit cut in 11 years due to financial struggles, with income sources projected to cover only 79% of scheduled benefits by 2033. Proposals to improve the program's financial stability include raising the full retirement age, reducing benefits for high earners, and taxing higher incomes. Retirees must stay informed and prepare for potential changes.
June 23, 2024
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