1. Full Social Security benefits expected to run out in 2035, a year later than previously expected
2. 83% of benefits will be available after 2035, if no action is taken by Congress
3. Many retirees rely on Social Security and are worried about potential changes to the program that could affect their financial security
The Social Security program is expected to run out of full benefits by 2035, a year later than previously expected. At that point, only 83% of benefits will be available, causing concern for retirees who heavily rely on Social Security for financial support. Many Americans fear being unprepared for retirement, as the latest report from the Social Security and Medicare Board of Trustees indicates that full benefits will only be paid out for the next 11 years. The program’s funds are expected to be depleted by 2035 if Congress does not intervene.
The Trustees credit a strong economy for the additional time before benefits run out but stress the need for action from Congress to secure the future of Social Security. Many older Americans, particularly those nearing retirement age, are worried about potential changes to the program that could impact their financial security. As a significant portion of retirees rely on Social Security as their main source of income, there is a growing need for federal benefits to be strengthened.
The looming retirement crisis is of particular concern for the millions of Americans who will soon be reaching retirement age, with many expecting to rely on Social Security to make ends meet. Lawmakers from both parties have promised to protect Social Security, with Republicans assuring that they will not adjust or delay retirement benefits for seniors. If you are feeling financially unprepared for retirement or concerned about the future of Social Security, you can contact the reporters at Business Insider for more information.