Did Congress Steal Trillions From Social Security's Trust Funds? The Data Tells the Irrefutable Truth.
Popular online beliefs and opinions aren't always accurate.
Did Congress Steal Trillions From Social Security's Trust Funds? The Data Tells the Irrefutable Truth.
Overview
For most retirees, Social Security income is indispensable. A quarter-century of annual Gallup surveys shows that 80% to 90% of retirees need this payout, in some capacity, to cover their expenses.
But America's leading retirement program isn't on the best financial footing. The newly released 2026 Trustees Report highlights a $29.3 trillion long-term (75-year) funding shortfall, as well as the projected depletion of the Old-Age and Survivors Insurance trust fund's (OASI) asset reserves by the fourth quarter of 2032. While Social Security won't go bankrupt or halt payouts, benefits for retired workers and survivors of deceased workers are at risk of being cut by an estimated 22%.
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Originally published at www.fool.com.
