The Social Security trust fund is projected to deplete its reserves by 2033 unless legislative changes occur. The report indicates that while current benefits can be covered through 2035 if trust funds are combined, the existing rules prevent this. If no changes are made, partial benefits will be the reality for retirees, significantly affecting millennials and also threatening Gen Xers' retirement funding. There's urgency for both generations to understand the implications of this looming crisis and plan accordingly before retirement age arrives.
The Social Security Trustees' report indicates the trust fund could run out by 2033 unless legislative changes are made, affecting millennials more than Gen Xers.
Both Gen Xers and millennials face potential cuts in Social Security benefits due to projected shortfalls in the trust fund, requiring urgent attention.
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