Is Social Security About To Vanish?

Veuer

Veuer's Elizabeth Keatinge explains why Social Security and Medicare programs won’t be able to fully pay benefits in just over a decade if lawmakers don’t act.

Transcript

00:00 Could Social Security and Medicare vanish?

00:03 Well, the programs won't be able to fully pay benefits in just over a decade if lawmakers don't act.

00:11 This according to a new government report.

00:13 See, the report predicts the program's trust fund would be depleted in 2033.

00:18 At that point, benefits would be cut by 21%.

00:22 That's unless lawmakers adopt some changes.

00:26 NPR explains that one way Congress could fix the problem is by raising taxes that support Social Security.

00:33 Lawmakers could also reduce retirement benefits or some combination of the two solutions.

00:39 60 million retirees and family members' benefits are threatened.

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