Time is running out for Congress to solve the massive program's solvency problem.
The Social Security trust fund reserves can pay out full benefits for current retirees until about 2033, a year earlier than previously expected, according to the latest calculations by the Congressional Budget Office. If Congress does nothing for the next decade, Social Security will only be able to pay out in benefits what it collects in revenues from payroll taxes, causing steep benefit cuts of about 25%.
Mr. Biden seized the moment and declared,"So folks, as we all apparently agree, Social Security and Medicare is off the books now, right?" He was met with applause from both sides of the aisle."All right. We've got unanimity!"modified his original plan But 2024 potential hopeful and former Vice President Mike Pence last week said Social Security has to be on the table"in the long term."
"No one expects Congress to allow this to happen," Fitchner said, in response to the suggestion that Congress might do nothing before the trust fund is depleted. The minimum retirement age is currently 62. People who retire at 62 will receive a monthly benefit for the rest of their lives that is substantially lower than those who wait longer to retire.
The cap could be nixed entirely, or set at $400,000, McGuinness said. Still, it's a less effective option than it would have been in the past.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
It’s Time for the Wealthy to Pay Their Fair Share Into Social SecurityWhen Congress put a cap on Social Security contributions in 1983, they didn’t anticipate 40 years of rising inequality.
Read more »
Letter: Social Security system is flawedAn Addison letter to the editor: Three great opinions were printed in the Feb. 20 Daily Herald
Read more »
Analysis Spotlights the Lasting Pain Inflicted by Reagan's Social Security CutsLife expectancy in the U.S. fell during the same period that a Reagan-era law raised the retirement age by two years.
Read more »
Social Security update: First of double direct payments worth $914 to arrive in just two daysSupplemental Security Income beneficiaries are two days away from the first of two payments in March due to a scheduling quirk, with each payment worth $914.
Read more »
Trezor Takes Control of Chip Production for Enhanced Security and Faster Production Time – Bitcoin NewsOn Monday, crypto hardware wallet maker Trezor announced that it will take control of its wallet chip production process by producing its own chips.
Read more »