How Joe Biden and the GOP Hope to Avoid a Social Security Fiasco
Social Security is careening toward insolvency. The only question up for debate is when it will happen.
The federal program's trustees stated in their 2022 update that Social Security's combined trust funds would run out of money in 2035. However, less than two months ago, the Congressional Budget Office projected Social Security will become insolvent in only 10 years.
Contrary to some Americans' fears, Social Security benefits won't be cut off when the trust funds are exhausted. Payroll taxes at current levels should enable the program to continue paying around 80% of scheduled benefits.
Source Fool.com
