Social Security, the bedrock of our nation’s retirement system, is projected to become insolvent in just six years, with benefit cuts of 22% if Congress doesn’t act.
Social Security is barreling toward insolvency due to the fundamental imbalance between its incoming revenues and outgoing benefits. As our population ages and benefits cost more, the program’s payroll tax revenue isn’t keeping up, and as a result, the trust fund’s reserves are quickly dwindling.
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