April 25, 2024

Social Security Set to run out by 2033

In ten years, those in retirement who are on social security, will face a dire dilemma. Social Security’s largest trust fund is on track to deplete its reserves as soon as 2033, according to a Friday report from the program’s board of trustees. “The Trustees continue to recommend that Congress address the projected trust fund shortfalls in a timely fashion to phase in necessary changes gradually,” said Kilolo Kijakazi, acting commissioner of Social Security.

“Social Security will continue to play a critical role in the lives of 67 million beneficiaries and 180 million workers and their families during 2023,” Kijakazi added.

“With informed discussion, creative thinking, and timely legislative action, Social Security can continue to protect future generations.”

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