Social Security faces funding depletion, risking 21% benefit cut; $23T shortfall over 75 years, primarily from insufficient taxable income.

The American Academy of Actuaries highlights that Congress can resolve Social Security's funding crisis, projected to deplete by 2033, risking a 21% benefit cut. The program faces a $23 trillion shortfall over 75 years, largely due to insufficient taxable income. Proposed solutions include raising the earnings minimum for Social Security tax or adjusting the retirement age. Political inaction raises concerns about the future financial security of millions of Americans reliant on these benefits.

October 17, 2024
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