Social Security facing financial challenges, benefit cuts estimated eight years away
From Nasdaq: 2025-05-17 03:44:00
In April, retired workers received an average Social Security check of $1,999.97. However, the program is facing financial challenges, with benefit cuts estimated to be eight years away. The program’s financial foundation is weakening due to demographic shifts and rising income inequality. President Trump has proposed changes to improve efficiency, but his plan to eliminate the tax on Social Security benefits could worsen the program’s financial health. Ending the tax would increase benefits for retirees but could lead to significant income loss and benefit cuts. Despite popularity, the proposal is unlikely to be enacted.
Read more at Nasdaq: Social Security Benefit Cuts Are Coming, and President Donald Trump’s Popular Proposal Would Speed Things Up