insolvency

Senators introduce bipartisan plan to tackle Social Security insolvency

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A bipartisan group of senators introduced a bill on Tuesday designed to shore up Social Security’s finances in the coming decades and prevent future benefit cuts for the 70 million Americans who rely on the program. The bill comes after last month’s annual Social Security trustees’ report projected that the program’s retirement trust fund could become … Read more

Social Security insolvency now projected for 2032, putting benefits at risk of a 22% cut

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Social Security’s trustees report said the program is on track to become insolvent by the end of 2032, when the program’s beneficiaries will get a 22% cut in their monthly checks. Social Security guarantees income to over 70 million Americans. Across-the-board benefit cuts would significantly impact retirees, disabled workers and survivors, especially amid rising living … Read more