Social Security’s Trust Fund Faces Early Depletion
A new federal report indicates that the Social Security trust fund, which helps pay benefits for millions, will be depleted by 2033. According to an article from NPR, the Social Security trust fund is projected to be depleted by 2033. At that point, payroll taxes would only cover about 77% of promised retirement benefits, leading to automatic cuts unless there is an act by Congress. The accelerated timeline is due to increased benefits for public…