Social Security Benefit Cuts Could Happen by 2034, Trustees Say
Each year, the Social Security Trustees release a report outlining the state of the program's finances. This year's report was delayed by many months, but it was finally released at the end of August.
Unfortunately, the news wasn't great. According to the Trustees, Social Security's combined trust funds are expected to run out of money by 2034. And unless lawmakers come up with a fix, once those funds are depleted, benefit cuts will absolutely be on the table.
Millions of seniors today rely on Social Security as a critical income source. And many current workers expect to fall back heavily on Social Security once they're ready to retire.
Source Fool.com
