Social Security Benefit Cuts Coming by 2035

Source: Independent Institute
by Craig Eyermann

“Good news! Instead of going broke in 2033, Social Security’s Old Age and Survivors’ Insurance (OASI) trust fund will run out of money in 2034. If the program’s Disability Insurance (DI) trust fund is diverted to pay retirement benefits, it will last until 2035! That’s the latest projection from Social Security’s trustees, who released their 2022 annual report last week. … Those benefit reductions are also good news. A year ago, the cuts were projected to be bigger. Now, retired Americans relying on Social Security benefits will only lose 20 cents of every dollar they might have been expecting. That’s a promise by the politicians who set Social Security’s funding and benefits on their current scheme.” (06/06/22)