Social Security Solvency: A Deeper Dive into the 2034 Funding Cliff and Recent Legislative Impacts
Social Security Solvency: A Deeper Dive into the 2034 Funding Cliff and Recent Legislative Impacts The Social Security Administration’s latest trustees’ report reveals a concerning acceleration in the depletion of Social Security funds, necessitating immediate Congressional action. While the report indicates sufficient reserves to meet 100% of scheduled benefits until 2033 (a one-year reduction from last year’s projection), a significant funding shortfall looms thereafter. After 2033, the Old-Age and Survivors Insurance (OASI) Trust Fund is projected to cover only approximately…