social security benefits

Social Security’s Old-Age and Survivors Insurance Trust Fund is expected to run out of money in 2032. That means the next senator and president you vote for will have to address its shortfalls.

The Social Security trust fund is facing a shortfall. That means benefits could be cut in 2032, not wiped out completely, but there are solutions.

The program is supported by the vast majority of Americans, but, unless changes are made, it will start running out of money to pay full benefits in 2033.

Other pressing economic issues haven’t made it a priority. But some lawmakers want to raise the amount. 

The Social Security Administration could lose at least 7,000 workers under recommended staff cuts by DOGE. That could lead to serious delays in benefits processing.

The 2024 cost-of-living adjustment comes out to 3.2%, a pretty modest amount compared to past years.

The adjustment is likely to be announced this week and expected to be around 9%. It’s welcome news for recipients struggling with inflation.

But inflation will eat into the raise.

The origin story of 65 can be traced back to the 30s, when President Roosevelt sought to make retirement available to everyone.

Undocumented immigrants contributed an estimated $13 billion into Social Security funds in 2016.