Social Security's finances have improved slightly in the last year. But the popular retirement program still faces big challenges including the threat of automatic benefit cuts in less than a decade.
Social Security's finances have improved slightly in the last year. But the popular retirement program still faces big challenges including the threat of automatic benefit cuts in less than a decade.Social Security's finances have improved slightly in the last year. But benefits are still facing an automatic cut in less than a decade unless Congress takes steps to prop up the program.Social Security's finances have improved slightly in the last year.
There's some good news in the new forecast. Thanks to higher-than-expected worker productivity and a decline in expected disabilities, Social Security isn't burning through cash as fast as trustees predicted a year ago.Still, the long-term demographic challenges haven't gone away. A growing number of baby boomers are collecting benefits, while there are fewer people in the workforce paying taxes for each retiree.
Congressional Democrats have proposed higher taxes on the wealthy to support Social Security. Congressional Republicans have balked at that, instead calling for reducing the benefit formula and raising the retirement age for younger workers.
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