A Major Social Security Deadline Is Approaching Faster Than Many Americans Realize

Terry Savage: Insolvency looms for Social Security. What will we do?

Social Security is running out of money in its main trust fund. The latest Trustees report predicts that Social Security will become “insolvent” in 2032 — one year earlier than previously expected.

As Social Security faces trust fund depletion, some Washington lawmakers call for taxing high earners

High earners may only contribute Social Security payroll taxes for part of the year. As the program faces funding woes, some lawmakers say that should change.

A Major Social Security Deadline Is Approaching Faster Than Many Americans Realize

Key PointsSocial Security's trust fund that retirement benefits are paid from could run dry by 2032.At that point, benefits could be subject to a 22% cut.Congress has never allowed Social Security to reduce benefits broadly in the past, but it's hard to know whether cuts are avoidable this time around.The $23,760 Social Security bonus most retirees completely overlook › If you're planning to collect Social Security benefits in retirement, you ma…

Senator pushes $1.5T fix as Social Security’s 2032 deadline closes

More than 70 million Americans face an automatic 22% cut to Social Security benefits in 2032 if Congress doesn't act, and a bipartisan Senate proposal ... The post Senator pushes $1.5T fix as Social Security’s 2032 deadline closes first appeared on [your]NEWS.

Social Security cuts raise new fears for women

The latest Social Security projections raise fresh concerns about retirement security for women nearing retirement age. The program’s retirement trust fund is now on track to run dry by late 2032, which would trigger an automatic 22% cut in benefits…

Social Security payment set for June 24, next month’s schedule moves

Social Security’s Old-Age and Survivors Insurance Trust Fund is projected to pay full benefits only until Q4 2032, after which income would cover just 78% of scheduled payments, trustees said; the combined funds face a similar shortfall by 2034, raising long-term risks for beneficiaries and investors.