The clock is ticking for Congress - CNBC
According to American writer Jack Kornfield, “The trouble is you think you have time.” The reality is we do not. Congress has until 2033 to come to a bipartisan agreement about Social Security, or there will be an automatic cut of at least 20 percent for current beneficiaries. According to the new report from the American Academy of Actuaries, if that happens, Congress will need to increase Social Security taxes by 25 percent or a combination of benefits cuts and tax increases. Lorie Konish outlines the American Academy of Actuaries’ recommendations to solve the Social Security insolvency issue. Read Ms. Konish’s article here…
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