More money is needed for the Social Security Administration.
According to the latest report by the government agency, the combined trust funds that pay Social Security retirement, survivor, and disability benefits will not be able pay out as planned through 2033.
The program will then be able pay 78% of the benefits as planned.
Major solutions to the deficit will likely be to increase taxes or reduce benefits.
This video shows a case study that shows how a solution can be used to leave retirees with less.
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