Here's Exactly How Much Money Social Security Lost in 2023 -- and What It Means to You
Social Security isn't exactly broke. It has a multi-trillion-dollar trust fund balance, so don't believe it when you hear that the program is "out of money." That's simply not even close to the truth.
However, Social Security isn't exactly on the most stable financial footing and is running at a deficit, meaning that it is slowly depleting its reserves to make sure benefits keep getting paid. Here's what it lost in 2023, according to the recently released Social Security Trustees Report, and what Americans need to know about the long-term outlook for this crucial retirement program.
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Source Fool.com
