Could Social Security Be Pushed Into Insolvency Before 2030?
For years, experts have been warning that Social Security's long-term financial outlook is bleak, and the program's most recent Trustees Report, released in April 2020, confirms that. Specifically, that report projects that Social Security's combined trust funds will run dry in 2035. Once that happens, the program will no longer have the financial means to continue paying benefits as scheduled. Rather, Social Security will be forced to implement benefit cuts that hurt current and future recipients.
Clearly, the idea of reduced benefits in 15 years' time isn't comforting. But some experts are now warning that we could see that time frame moved up. In fact, if current economic conditions persist, we may see Social Security deplete its trust funds prior to 2030, thereby causing untold harm for beneficiaries sooner than expected.
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Source Fool.com
