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How Recent Congressional Moves Have Impacted Social Security’s Insolvency Timeline
The closer we get to the end, the sharper the pencils are that write the target dates for insolvency. In a Yahoo!Finance post yesterday by T. Woods, for example, cites the impact of the One Big Beautiful Bill’s tax-related provisions as the reason for the full depletion date for Social Security’s reserves being moved from 2033 to 2032. Similar reductions in the amount of time to prepare for insolvency have also been attributed to the Social Security Fairness Act signed into law in January of this year.
Of course, Congress still has time–not much, actually–to craft a resolution to Social Security’s long-term financing woes. Whether that will happen is anybody’s guess, but history suggests that at worst, a last-minute slate of changes will be pushed forward to avert a disastrous benefit cut for Americans. In the meantime, Woods’ article suggests that there are steps that future beneficiaries can take to prepare for what could happen (“Calculate Your Future, Then Plan For The Worst”),
Read the Woods post in full here…
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