Counting on Social Security - The Heritage Foundation
The 2024 Social Security Trustee report found if Congress does not act, the combined trust fund reserves will be depleted by 2035. At that time, the income coming into the program will only be able to pay 83 percent of the scheduled benefits. Social Security was never intended to be the sole source of income in retirement, only to replace 40 percent of the worker’s pre-retirement earnings; however, for many Social Security recipients, it is their only source of retirement income. The projected cut to the average recipient’s benefits would equal thousands of dollars less to live on in retirement. Rachel Greszler, Senior Research Fellow, Roe Institute, reminds us in her commentary published by The Heritage Foundation that if you plan on Social Security to fund your retirement, you better think again. She also offers some possible solutions to the insolvency issue. Click here…
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