Top Social Security officials have issued a chilling warning, revealing the exact date the United States is projected to run out of funds to meet its obligations.
Economic concerns are dominating headlines, especially as President Donald Trump faces declining approval ratings on financial matters—a stark contrast to what was once considered a key strength during his first term.
A recent Quinnipiac University poll found that Trump received low marks for his handling of the economy, with only 38 percent of respondents approving of his trade policies.
Now, with financial stability at the forefront of public concern, a newly released report from Social Security leaders is likely to deepen anxieties, painting a troubling picture of the nation’s fiscal future.
The report found that Social Security is on track to deplete its trust funds by 2034, which worryingly is one year sooner than a previous forecast.
Social Security bosses have sent a terrifying money warning (Getty Stock Photo)
The Social Security Board of Trustees’ annual report, which was released on Wednesday (June 18), put down the forecast due to rapidly increasing costs from the Social Security Fairness Act, which has increased benefits for millions of retirees.
On top of that, it’s believed OASI, or Old-Age and Survivors Insurance, will run out in 2033, alongside the trust funds that will follow a year later.
It’s a stark contrast from last year’s report that said the program would need to cut benefits starting in 2035, though that decision seems to have been accelerated.
Such a move is set to impact Social Security’s 70 million beneficiaries.
Frank Bisignano, who is the commissioner of Social Security, said in a statement: “Congress, along with the Social Security Administration and others committed to eliminating waste, fraud and abuse, must work together to protect and strengthen the trust funds for the millions of Americans who rely on it — now and in the future — for a secure retirement or in the event of a disability.”
Frank Bisignano has urged Congress to act now (Maansi Srivastava for the Washington Post)
While there is a chance trust funds are depleted in the coming years, CBS News reports that funds wont just immediately disappear.
Instead, the report states that those involved with Social Security would see a cut between 19 to 23 percent to their benefits.
Nonetheless, there is hope from beneficiaries that it never reaches that stage as calls for Congress to step in and make changes to how the program is funded is louder than ever.
AARP CEO Myechia Minter-Jordan said: “Congress must act to protect and strengthen the Social Security that Americans have earned and paid into throughout their working lives.
“More than 69 million Americans rely on Social Security today and as America’s population ages, the stability of this vital program only becomes more important.”
