Reported 1 day ago
The Social Security Fairness Act, recently enacted by the Biden administration, is expected to expedite the insolvency of the Social Security Old-Age and Survivors Insurance trust fund by approximately six months, according to Wharton professor Olivia Mitchell. The Act, which eliminated certain provisions that previously reduced benefits for public sector employees, is projected to leave the fund unable to provide full benefits beyond 2033, necessitating substantial cuts thereafter. Experts caution that unless comprehensive reforms are initiated, the challenges facing the trust fund will deepen.
Source: YAHOO