Page 19 - Security Trustees News Today

Increasing the retirement age to 70 would dramatically cut benefits for workers going forward, campaigners have warned.

It could impact current and future beneficiaries alike.

Benefit cuts may have to happen sooner than expected.

The 2023 Social Security Trustees Report was released yesterday, and just like I did last year (and the year before, and the year before that, etc), let’s look at the fiscal status of the retirement program.

Entitlement programs such as Social Security and Medicare could be forced to cut benefits as soon as 2031, according to a new report from the funds' trustees.

Americans need thoughtful proposals for Social Security reform. Absent changes to the program, Social Security will be insolvent in a decade and benefits will be cut by 23 percent for all Social Security recipients. With $20.4 trillion in unfunded obligations—the equivalent of $157,000 per household—maintaining the program without structural changes would be incredibly costly.

(Archived document, may contain errors)

Social Security's Rate of Return

The news isn't good, but it's also not as bad as many think.

/PRNewswire/ -- A new "Social Security Challenge" web app published by the nonpartisan American Academy of Actuaries at actuary.org/socialsecurity immerses...