The Latest Social Security Trustees Report Is Out, and It's Mostly Bad News
Each summer, the Social Security Board of Trustees, a six-member panel who serve the federal government by offering a short-term and long-range forecast on the health of the Social Security program, release their annual report. Last week, the much-anticipated 2017 report was released -- and as expected, it was mostly bad news.
It's no secret to most Americans that Social Security isn't in the best of health. As last year's report showed, we were less than two decades away from a major change. By 2034, according to the 2016 report, the program was expected to have exhausted its more than $2.8 trillion in spare cash, leaving seniors to face what could be an across-the-board cut in benefits of up to 21%. That's not a pretty picture when more than 3 in 5 seniors are relying on the program for at least half of their monthly income, according to the Social Security Administration.
Let's take a look at the biggest updates in the newest trustees report.
Source: Fool.com
