Social Security provides vital income security to millions of beneficiaries, but is on a road toward insolvency. The Social Security program currently pays more in benefits than it collects in revenue, and under the latest official projections its trust funds will run out in 2034. At that point, all beneficiaries regardless of age and income will face an immediate 21 percent benefit cut.
CRFB’s “The Reformer” allows users to choose from a number of options to modify Social Security tax and benefit levels in order to close the program’s 75-year shortfall and keep it sustainable for future generations.
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Social Security remains insolvent. The trust fund will run out in 2034 at which point all beneficiaries will face a sudden 21% benefit cut.