And here it comes…

Social Security benefit cuts could be coming — here’s who it will affect first

The fund faces insolvency within a little over a decade unless Congress takes action

By Megan HenneyFOXBusinessclose

Should we worry about the federal deficit increasing?

The Social Security Trust Fund could be depleted by 2031 as a result of the coronavirus pandemic and subsequent economic collapse, according to new projections — and today’s youngest retirees could be among the first in the nation to see benefit cuts.

The Congressional Budget Office said in an analysis released Wednesday that the Social Security Old Age and Survivors Insurance fund, which pays out retirement benefits, faces insolvency within a little over a decade unless Congress takes action to address the shortfalls.

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The non-partisan agency said in the report the Social Security fund could plunge from $2.8 trillion to $533 billion in 2030. It estimates the fund would run out the following year. The Social Security Disability Insurance program, meanwhile, is projected to run out in 2026.

“Based on CBO’s figures, Social Security’s retirement benefit would be cut by roughly one-quarter in 2031,” the CRFB said in an analysis on Wednesday. “In other words, today’s youngest retirees will face a sharp 25% drop in their benefits when they turn 73.”…….More Here

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