The Social Security trust fund is projected to be depleted within eight years, according to trustees, which could lead to a 23% cut in benefits for 60 million retirees. A recent law raised benefits for certain public-sector retirees while assumptions around future wages and birth rates were downgraded. The challenge lies in an aging population, as more baby boomers retire and fewer younger workers contribute to the system. To avoid drastic cuts, Congress must consider various options including tax increases or benefits modifications.
The Social Security trust fund is expected to run out of cash in eight years, putting 60 million retirees at risk of a 23% benefit cut.
Currently, the program faces demographic challenges as more baby boomers retire, resulting in fewer young workers supporting the system with payroll taxes.
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