1 Must-Read Quote From New Speaker of the House Mike Johnson on Social Security
Social Security is just as important to those collecting it today as to those who will collect it 30 years from now. Those monthly annuity checks are responsible for helping 88% of retirees make ends meet, according to a Gallup poll. And 82% of non-retirees are expecting it to help fund their retirements when they get there.
That's why, when the 2023 Trustee's Report projected the Social Security Trust Fund would exhaust its cash reserves by 2034 one year earlier than reported last year, it set off so many alarms among policymakers. If and when the cash reserves are depleted, a cut to Social Security benefits may be necessary.
The future of the American public's retirement is now in the hands of lawmakers on Capitol Hill. And with new leadership in the House, there may be a glimpse of what Republicans will push for when it comes to Social Security reform.
Source Fool.com
