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.
The report from Social Security trustees predicts the retirement program's trust fund will be exhausted in November of 2033. At that point, benefits would automatically be cut by 21%, unless lawmakers adopt changes before then. "When you see the two major candidates running for president tripping over themselves to promise what they won't do to fix the problem, you have to worry because those kinds of reforms really start at the top," says Maya Macguineas, president of the Committee for a Responsible Federal Budget."Seniors spent a lifetime working to earn the benefits they receive," Treasury Secretary Janet Yellen, who leads the trustees, said in.
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