“Social Security's main trust funds are on a path to depletion as increased enrollment due to the aging American population and growth in benefits paid outpaces incoming payroll tax revenue. Current law requires that once the trust funds are tapped out, benefits must be automatically cut to match incoming payroll tax receipts, which is estimated to amount to a 22% cut in late 2032 based on the most recent projections.
“Democrats won majorities in the House and Senate for the next two years that represent the end of President Donald Trump's second term, and for the senators who were elected to full terms, they will still be in office when that insolvency date draws near if action isn't taken during the remainder of Trump's term.”
(continued)
● “Why Social Security reform could test Trump, Democrats on bipartisan compromise before 2028,” Fox Business, 11/4/26:
ARTICLE LINK: https://www.foxbusiness.com/politics/why-social-security-reform-could-test-trump-democrats-bipartisan-compromise-before-2028
#SocialSecurity #EstatePlanning #FinancialPlanning #Retirement