Posted BY: Bill | NwoReport

Millions of Americans have paid into Social Security their entire lives and now depend on its payments to get by. But the program is financially unstable, and according to a new report, will reach insolvency even sooner than we thought. It was previously projected that Social Security would become insolvent in 2034, but now, it’s projected to run dry in just 10 years, in 2033.

“Social Security benefits for retirees and others are primarily paid for through payroll taxes on current workers, and are supplemented by a trust fund,” NPR explains. “Benefits paid out by the program have exceeded money coming in since 2021, and the trust fund is now expected to be depleted by 2033. That’s a year earlier than forecast last year, thanks in part to slower economic growth. Unless changes are made before then to shore up the program, 66 million Social Security recipients would see their benefits cut by 23-25%.”

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