2024 Social Security Trustees Report: Why We Need Changes Sooner Rather Than Later
The 2024 Social Security Trustees Report revealed a slightly improved outlook for the program. A year ago, the government thought benefit cuts would be necessary in 2034. Now, the Social Security Administration expects to fund all scheduled benefits through 2035, and the estimated funding shortfall after that point will be less than previously thought too.
As welcome as that news is, the fact remains that Social Security cannot continue in its current form for long. Action of some sort -- to increase funding, reduce benefits, or both -- needs to happen, and the longer the government puts it off, the more difficult it's going to be for workers and seniors.
Image source: Getty Images.
Source Fool.com
