Despite presidential proclamations, Social Security’s financial outlook is more troubled than ever.
A new report from the Committee for a Responsible Federal Budget (CRFB) warns that as Social Security turns 90, it’s “racing towards involvency,” with its retirement trust fund projected to become insolvent by late 2032, just seven years from now. For a typical dual-earner couple retiring just after insolvency, this would mean an $18,400 reduction in annual benefits.
