Social Security Will Cut Benefits by 21% by 2034
Via CNN, Social Security must reduce benefits in 2034 if reforms aren’t made
Lovely news for us millennials. Good thing we’ve been paying into this since we’ve been employees, right?
The trustees estimate that by 2034 the combined trust funds for Social Security — which help fund the old age and disability programs — will run dry. At that point Social Security will be able to pay only 79% in promised benefits to retirees and disabled beneficiaries.
The trust fund for Medicare Part A, which covers hospital and nursing home costs for seniors, would run dry by 2026, three years earlier than last year’s projection. At that point the program would only be able to pay out 91% of promised benefits.