Time is running out for Congress to solve the massive program's solvency problem.
The Social Security trust fund reserves can pay out full benefits for current retirees until about 2033, a year earlier than previously expected, according to the latest calculations by the Congressional Budget Office. If Congress does nothing for the next decade, Social Security will only be able to pay out in benefits what it collects in revenues from payroll taxes, causing steep benefit cuts of about 25%.
Mr. Biden seized the moment and declared,"So folks, as we all apparently agree, Social Security and Medicare is off the books now, right?" He was met with applause from both sides of the aisle."All right. We've got unanimity!"modified his original plan But 2024 potential hopeful and former Vice President Mike Pence last week said Social Security has to be on the table"in the long term."
"No one expects Congress to allow this to happen," Fitchner said, in response to the suggestion that Congress might do nothing before the trust fund is depleted. The minimum retirement age is currently 62. People who retire at 62 will receive a monthly benefit for the rest of their lives that is substantially lower than those who wait longer to retire.
The cap could be nixed entirely, or set at $400,000, McGuinness said. Still, it's a less effective option than it would have been in the past.
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