Stanley Druckenmiller Delivers a Stark Warning Every Social Security Retiree Should Hear
Stanley Druckenmiller thinks cuts to Social Security are on the horizon.
Overview
Social Security feels like a bedrock promise to most Americans. Unfortunately, the numbers behind that promise are getting uglier, and the bond market is starting to notice. The combined Social Security and Disability Insurance trust funds are projected to run dry by 2034. This does not mean retirement benefits will vanish overnight. However, it does imply that incoming payroll taxes can only cover about 83% of scheduled Social Security checks after reserve funds deplete.
Unless Congress acts, retirees are going to get an automatic haircut to their benefits. While a number of fixes exist, none of them are politically easy to implement. This is precisely the backdrop for legendary investor Stanley Druckenmiller, who laid out his blunt case for retirement benefits in a recent op-ed in The Wall Street Journal.
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Originally published at www.fool.com.