Social Security is facing a funding crisis, with trust fund reserves expected to run out by 2034. Despite this, payroll and benefit taxes will still cover 77% of scheduled benefits by 2099. However, a 23% benefit cut would lower the average monthly benefit from $2,005 to $1,544. Washington may address this by increasing revenue, decreasing benefits, or a combination of both. Strategies could include raising the full retirement age or increasing the income ceiling subject to Social Security taxes. It’s crucial to save for retirement independently and stay informed on potential changes to Social Security.

Read more at Nasdaq: How Long Does Social Security Have Until It Runs Out of Money?