00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Social Security's trustees report that the program will become insolvent by the end of 2032,
00:08one year earlier than last year's forecast, according to CBS News.
00:12The insolvency would trigger an automatic 22% cut to monthly benefits for more than 70 million Americans.
00:20Social Security keeps more Americans out of poverty than any other U.S. program,
00:25according to the Center on Budget and Policy Priorities.
00:28The agency moved the insolvency date from 2033 to 2032,
00:33citing the One Big Beautiful Bill Act's effect on benefit taxation.
00:37The trustees cited lower projected fertility rates
00:39and declining immigration as factors weakening the program's finances.
00:44The Social Security Administration said the program could pay 78% of benefits upon insolvency.
00:49The Committee for a Responsible Federal Budget estimates the average monthly benefit could fall by about $500.
00:55Advocacy groups and lawmakers are urging Congress to act before either deadline arrives.
00:59For all things money, visit Benzinga.com.
Comments