Uh-Oh, Social Security's Trust Funds May Run Out of Money Sooner Than Expected
Time is the most precious commodity there is. The Social Security program needs more of that commodity.
In June of last year, Social Security's trustees projected that the federal program's combined trust funds would be depleted by 2035. In only 12 years, retirees could face significant benefit cuts if no changes to Social Security are made.
That timeline could be overly optimistic, though. In December 2022, the Congressional Budget Office (CBO) estimated that Social Security could become insolvent in 2033 -- two years earlier than the program's trustees projected.
Source Fool.com