The Social Security trustees released their annual report on Monday, and the outlook is bleak.
Social Security has morphed far beyond its original intent, and absent congressional action, everyone who is of Generation X or younger will not receive a single full benefit, and even those already in retirement will experience significant benefit cuts.
To prevent benefit cuts for even the most elderly who rely on Social Security for their entire income, Congress will have to act.
Determining the best pathway for reform, however, requires understanding some crucial facts about Social Security.
Fact #1: Social Security’s retirement fund will run dry in nine years. The Social Security trustees project that the Old Age and Survivors Insurance, or retirement program, will be insolvent in 2033. At that point, Social Security benefits will be limited to the amount of Social…
