The clock is ticking to fix Social Security to ensure it continues to pay full benefits to millions of Americans who rely on monthly payments from the program.
By 2032, the trust fund Social Security draws from to help pay benefits to retirees, their spouses, children and survivors of deceased workers will be exhausted, according to the Social Security Administration.
When that date arrives, there could be a 24% benefit cut for all beneficiaries if Congress does not act sooner to address the program’s shortfall, based on current projections.
Because Social Security is a pay-as-you-go program, with money continually coming in from payroll taxes, benefits would still be paid if the calendar reaches that date without any action by Congress to address the program’s solvency.
Experts generally say there could be an across-the-board benefit cut at that time.
