Social Security benefits face looming cuts due to financial issues and expected deficits
From Nasdaq: 2025-06-23 04:36:00
- Social Security is crucial for retirees, with over 80% of respondents in surveys noting its importance in covering expenses.
- Social Security lifted 22 million people above the poverty line in 2023, including 16.3 million adults over 65. Benefit cuts are expected by 2033.
- The Social Security Board of Trustees Report shows a $25.1 trillion deficit over 75 years, with the OASI fund projected to run out by 2033.
- Demographic shifts, inaction by lawmakers, and rising income inequality are contributing to Social Security’s financial issues.
- Lawmakers need to address Social Security’s challenges to prevent future benefit cuts and maintain financial stability.
Read more at Nasdaq: Social Security Benefits Are an Estimated 8 Years Away From Being Slashed — and the Cuts Are Even Bigger Than Initially Forecast