Did you know that the Social Security Trust Fund could run out? This fund, a vital part of the retirement income for nearly all Americans, is estimated to be completely exhausted in 2032. What would that mean? Millions of retirees dependent on Social Security income could be facing a massive financial shortfall.
According to The Motley Fool, Social Security recipients would face a 24 percent cut in benefits unless Washington takes action. While the conversation around Social Security has taken a front seat in recent weeks, there still remains much uncertainty about the future of the program and how it will be funded. Some politicians are concerned about a “backdoor” benefits cut — one that could happen if the government does nothing.
The good news is that Social Security still has several years left in its trust fund. If the government takes action, there are many ways to ensure that seniors receive their full benefits. There are also ways that citizens like you can take action, including by signing our online petition or writing to your elected representatives.
Whether you’re a current or future Social Security recipient, now is the time to take action and protect your retirement income!