Joe Biden's 2024 Budget: What Retirees On Social Security Need to Know
Earlier this month, President Joe Biden submitted to Congress his budget request for fiscal 2024, which runs from Oct. 1, 2023 through Sept. 30, 2024. The administration plans to spend roughly $6.9 trillion next year, up from $6.4 trillion this year. The budget outlines large funding increases in education, healthcare, and defense, and more modest increases in areas like clean energy, manufacturing, and federal law enforcement. But many retired workers are particularly interested in Biden's plan for Social Security and Medicare.
The budget explicitly rejects any cuts to the Social Security and Medicare programs. It also extends the solvency of the Medicare Hospital Insurance (HI) Trust Fund by at least 25 years, and it boosts the discretionary budget of the Social Security Administration (SSA) by 10% (or $1.4 billion) to $15.5 billion to improve customer service at SSA field offices. But it fails to outline a specific solution for the funding problems that plague the Social Security program.
Here's what retired workers should know.
Source Fool.com
