The annual Social Security trustees' report this week said the Old-Age and Survivors Insurance trust fund is on track to reach insolvency in 2033.
Social Security's trust funds are headed toward depletion, and without a fix from Congress, retirees will see steep payment cuts in less than a decade. The annual Social Security trustees' report this week said the Old-Age and Survivors Insurance trust fund is on track to reach insolvency in 2033, at which point benefits would be cut by 21%.
Rep. David Schweikert of Arizona, vice chair of Congress' Joint Economic Committee, also issued a statement after the report dropped, warning that current Social Security recipients are at risk and urging Republicans and Democrats to come together to work out a fix. "The Social Security Trustees Report confirms that it’s no longer just future generations who should be concerned about receiving their full earned benefits but rather current retirees, too," Schweikert said.
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