From Nasdaq, Inc.: 2025-01-18 03:44:00

1. The average Social Security check for retired workers in 2025 is $1,976 per month, serving as a crucial financial foundation for most beneficiaries.
2. Gallup surveys have shown that 80% to 90% of retirees rely on Social Security income to make ends meet, highlighting its significance.
3. Social Security is not going bankrupt but faces financial trouble, with a long-term funding shortfall estimated at $23.2 trillion through 2098.
4. Potential sweeping benefit cuts of up to 21% could occur in eight years if the Old-Age and Survivors Insurance Trust Fund’s asset reserves are depleted by 2033.
5. Demographic shifts, not congressional theft or undocumented workers, are primarily responsible for Social Security’s financial challenges.
6. President Trump has proposed changes to Social Security, including addressing operating efficiency and eliminating the taxation of benefits.
7. Trump’s proposals come with unintended consequences, such as hastening the depletion of the OASI’s asset reserves and removing a significant source of funding.
8. Despite Trump’s plans, bipartisan cooperation would be required in the Senate to amend Social Security, which has been lacking for decades.

Read more at Nasdaq, Inc.: Donald Trump and Social Security: 10 Things You Need to Know