We’ve all heard for many years that Social Security is going broke.
Although this isn’t completely accurate, it’s true that the main Social Security Trust Fund will run out of money by around 2032.
This means that everyone receiving Social Security at that time will receive a benefits cut of around 23% and rising if nothing is done before then to shore up the program. (See: Social Security benefits face big cuts in 8 years, unless Congress acts : NPR)
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