Americans lose full Social Security benefits in 11 years, program trustees report a year later than expected

Social Security benefits expected to run out in 2035, worries retirees. Americans fear being unprepared for retirement as full benefits may not last.

According to the latest report from the Social Security and Medicare Board of Trustees, full Social Security benefits are projected to run out in 2035, a year later than previously expected. At that point, only 83% of benefits will be available. This news has caused concern among retirees who rely heavily on Social Security as their primary source of income.

As more Americans face the reality of being unprepared for retirement and depend solely on Social Security, the future of the program remains uncertain. The report indicates that the Old-Age and Survivors Insurance Trust Fund, a key component of Social Security benefits, will be able to pay out full benefits through 2033. However, if Congress does not take action, benefits will start to become "depleted" in 2035 when combined with the Disability Insurance Fund.

While the report offers a bit of breathing room due to a strong economy, the overall message remains clear: Congress must act to ensure the long-term sustainability of Social Security. The CEO of the National Academy of Social Insurance, William Arnone, emphasized the importance of taking action to address the impending shortfall.

Despite the positive news of a slight delay in benefit reductions, many Americans, especially those nearing retirement age, are still concerned about potential changes to the program. With the looming retirement crisis and the growing number of retirees relying on Social Security, there is a pressing need for federal benefits to be strengthened to support those in need.

As the US economy prepares for a wave of new retirees, lawmakers on both sides of the aisle have pledged to protect Social Security. While there have been debates about potential changes to the program, such as raising the retirement age, both Democrats and Republicans are committed to ensuring that current and future retirees receive the benefits they deserve.

If you are feeling financially unprepared for retirement or have concerns about the future of Social Security, reach out to our reporters at [email protected] and [email protected] for more information and resources.

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