Social Security Solvency Issues
Social Security faces solvency issues with trust fund projected to be depleted by 2033. Lawmakers need to act to sustain the program. Potential solutions include raising retirement age and taxing the wealthy more.
Key Points
- Social Security trust fund projected to be insolvent by 2033
- Proposed solutions include raising retirement age and taxing the wealthy more
- Younger Americans are increasingly not relying on Social Security for retirement planning
Pros
- Established federal benefits system for older Americans
- Provides financial security for retirees
Cons
- Trust fund for retirement benefits projected to be depleted by 2033
- Potential decrease in benefits for future retirees