Time Is Running Out to Avoid Cuts to Social Security Benefits
Experts in how the program works share their ideas on how to modernize the safety net and make it sustainable.
This article is for subscribers only.
Social Security has long been considered the “third rail” of US politics — the implication being that if you touch the program, you’ll suffer a nasty shock. But time is running out to implement changes that would avoid benefit cuts for Americans already struggling to save for retirement.
The most recent annual report from the program’s Board of Trustees moved up to 2033 the projected year when Social Security's finances would require a 23% cut in benefits. Politicians are well aware of the potential fixes: House conservatives recently recommended raising the retirement age to receive full benefits to 69.