Social Security Benefit Cuts Could Be Just 7 Years Away -- Here's What It Would Take to Save It

Social Security is in desperate need of some changes. If things keep going as they are, the program will deplete the Old-Age and Survivors Insurance trust fund by late 2032, according to the most recent estimate from Social Security Chief Actuary Karen Glenn.Once the trust fund falls to zero, Social Security is only legally allowed to pay out as much in benefits as it brings in. The actuarial team estimates that will be about 77% of benefits due in 2033, and it'll likely fall slightly through the end of the century.Congress has the power to stave off benefit cuts, however, and many legislators have submitted proposals to the actuary's office to determine how they would impact the longevity of the government program that over 70 million Americans rely on for at least some of their income. Of course, it's one thing to theoretically solve Social Security's challenges and another to come up with legislation everyone in Congress can agree on.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool