The Social Security program is facing a serious crisis as its trust funds are expected to run out sooner than previously thought. According to the Social Security Board of Trustees, the program’s combined trust funds will be empty by 2034, which is one year earlier than what was projected in 2024.
According to MSNBC, the program, which serves over 73 million beneficiaries, might have to cut retirement benefits by almost 25 percent in less than a decade if no solutions are found. This reduction would severely impact millions of Americans, as Social Security provides at least half the income for about 40 percent of retirees.
