The Timeline to Sweeping Social Security Benefits Cuts Is Likely Being Accelerated by 3 of President Donald Trump's Policies
Social Security's "Trump bump" and the president's flagship "Big, Beautiful Bill" are doing a number on America's leading retirement program.
Overview
For the better part of the last nine decades, Social Security has played a foundational role for retirees. Annual surveys by national pollster Gallup show that up to 90% of retirees rely on their monthly payout, in some capacity, to make ends meet.
But the financial outlook for this vital program has been deteriorating since the mid-1980s. The annually released Social Security Board of Trustees Report is forecasting a $29.3 trillion unfunded obligation through the year 2100.
Details
Worse yet, the Old-Age and Survivors Insurance trust fund (OASI), which doles out monthly benefits to retired workers and survivors of deceased workers, is projected to exhaust its asset reserves by the fourth quarter of 2032. Once this excess income collected since inception is gone, sweeping benefit cuts of up to 22% are expected.
Source
Originally published at www.fool.com.
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