(Corrects 1st paragraph to say couples would lose $16,900 annually, not receive $16,9000 annually, if the Social Security trust fund goes broke.)
Newly retired, average dual-income couples planning to retire in six years should expect to receive $16,900 less in annual Social Security benefits if Congress continues to do nothing to shore up the funds used to pay beneficiaries, according to the nonpartisan, nonprofit Committee for a Responsible Federal Budget think tank.
The trust fund that supplements incoming payroll taxes to pay monthly Social Security benefits is expected to run dry by the end of 2032, according to the program's trustees. When that happens, the law requires benefits to be reduced by an estimated 22% to ensure the program's costs do not exceed its revenues.
That's when today's 61-year-olds will reach their normal retirement age and when today's youngest retirees will turn 68.
"Social Security's insolvency is no longer a crisis for future lawmakers to deal with," CRFB's report said. "Senators elected this year will be in office when Social Security's retirement fund is exhausted."
Newly retired, average dual-income couples planning to retire in six years should expect to receive $16,900 less in annual Social Security benefits if Congress continues to do nothing to shore up the funds used to pay beneficiaries, according to the nonpartisan, nonprofit Committee for a Responsible Federal Budget think tank.
The trust fund that supplements incoming payroll taxes to pay monthly Social Security benefits is expected to run dry by the end of 2032, according to the program's trustees. When that happens, the law requires benefits to be reduced by an estimated 22% to ensure the program's costs do not exceed its revenues.
That's when today's 61-year-olds will reach their normal retirement age and when today's youngest retirees will turn 68.
"Social Security's insolvency is no longer a crisis for future lawmakers to deal with," CRFB's report said. "Senators elected this year will be in office when Social Security's retirement fund is exhausted."
2 months ago
