Social Security Expected to Dip Into Its Reserves This Year
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Title : Social Security Expected to Dip Into Its Reserves This Year
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news-today.world | The Social Security program’s cost will exceed its income this year for the first time since 1982, forcing the program to dip into its nearly $3 trillion trust fund to cover benefits.
By 2034, those reserves will be depleted and Social Security will no longer be able to send it its full scheduled benefits, according to the latest annual report by the trustees of Social Security and Medicare released Tuesday.
Unless Congress acts to bolster the program’s finances, beneficiaries would receive about three-quarters of their scheduled benefits after 2034.
Social Security consists of two programs, one for retirees and one for people who claim disability benefits.
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By 2034, those reserves will be depleted and Social Security will no longer be able to send it its full scheduled benefits, according to the latest annual report by the trustees of Social Security and Medicare released Tuesday.
Unless Congress acts to bolster the program’s finances, beneficiaries would receive about three-quarters of their scheduled benefits after 2034.
Social Security consists of two programs, one for retirees and one for people who claim disability benefits.
More
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You are now reading the article Social Security Expected to Dip Into Its Reserves This Year With link address https://newstoday-ok.blogspot.com/2018/06/social-security-expected-to-dip-into.html