Social Security trustees warn retirement fund will be exhausted by decade's end
The U. S. Social Security Administration’s board of trustees said in its latest report that the retirement trust fund will be exhausted by the end of the decade. CNBC reported that the fund could run out by that time, potentially reducing benefits to roughly 78% of current levels.
NPR added that without congressional action an automatic 22% cut could be triggered. AP later noted that the shortfall appears a year earlier than previously forecast and that Medicare’s hospital insurance fund remains on track to deplete in the following year. 6abc reiterated that the retirement fund would cover only about 78% of scheduled benefits and urged lawmakers to consider reforms.