Retired couples will face Social Security cuts of up to $21,800 a year if Congress doesn't act, watchdog says

Oct. 14, 2024 - Yahoo Finance

Retired couples will face Social Security cuts of up to $21,800 a year if Congress doesn't act, watchdog saysIn a prosperous future, retirees should be toasting their golden years with drinks that have little umbrellas. Instead, they could be worrying about a vexing question: What happens if Social Security reserves go bust? Without its intervention, the Social Security Old-Age and Survivors Insurance (OASI) trust fund is projected to run dry by 2033.

“Former President Donald Trump and Vice President Kamala Harris have both said they would ‘protect’ the Social Security program. Yet, lawmakers remain gun shy, knowing that any tweaks to Social Security could lead to voter backlash.

..