A new report shows that Social Security in the U.S. may not be a sure thing for some. That is because the Social Security fund will have a shortfall of cash of $20.4 trillion through 2096. Yikes!
This comes from a 2022 Trustees Report. The report estimates that people who live on Social Security retirement benefits should be able to count on those but people who receive Old-Age and Survivors Insurance benefits may not. Those payments may be cut by 23% by 2034.
According to The Motley Fool, “this would mean hundreds of dollars in monthly benefits being removed from the checks of 48.6 million retired workers in roughly 11 years.”