The combined Social Security trust fund will become exhausted in 2034, one year earlier than previously anticipated, the program’s trustees projected on Wednesday.
A report from the trustees illustrates the long-term problems facing the entitlement programs on which tens of millions of people rely. Social Security is a popular retirement program that people can claim beginning at age 62. However, benefits increase the longer one waits to claim them, but they cap out at a retirement age of 70.
The trustees predicted that the combined Social Security and Disability Insurance trust funds would only be enough to pay 81% of scheduled benefits sometime in 2034.
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Treasury Secretary Scott Bessent said the report “underscores the need for lawmakers to take action to support the long-term viability of these programs.”
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