Billionaire Stanley Druckenmiller Just Issued a Blunt Warning to Social Security Retirees
Stanley Druckenmiller said that entitlement cuts are inevitable.
Overview
The Social Security and Disability Insurance trust funds will be depleted by 2034.
That doesn't mean benefits will end at that time, but there could be a significant cut to scheduled benefits if lawmakers don't act. That's because payroll taxes that fund the program are no longer sufficient to cover scheduled benefits, and the rainy-day funds -- the trust funds mentioned above -- will be empty.
Details
While many suspect lawmakers will eventually act, even if it's at the very last second, there are still many questions about what changes can realistically be made without disrupting benefits or causing fiscal stress.
Source
Originally published at www.fool.com.
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