2032 Could Mark a Major Milestone for Social Security
It's not necessarily a good milestone.
2032 Could Mark a Major Milestone for Social Security
Overview
If you rely on Social Security today or expect to in the future, there's one date you should have on your radar -- 2032. Granted, that's kind of a broad date. But you should know that it's the year when Social Security's Old-Age and Survivors Insurance (OASI) Trust Fund is projected to run out of reserves.
In fact, if you want to get specific, the OASI Trust Fund is expected to be emptied during the fourth quarter of 2032, according to the Social Security Trustees. And the reason you should care is that Social Security may be forced to cut benefits by 22% at that point in time, since incoming revenue is only expected to cover 78% of those monthly checks.
Image source: Getty Images.
Details
Source
Originally published at www.fool.com.
