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Social Security’s steadily eroding base…and what it could mean to you - GoBankingRates.com
Social Security’s financial reserves — the cushion that, for the past few years, has enabled the program to pay scheduled benefits in full — are evaporating at an increasing rate. For example, in 2024, the program paid out $67 billion more than it took in, using the redemption of trust fund assets to cover the shortfall. We’ll soon know the 2025 official deficit, but you can bet it will be much larger than the previous year.
All of this may seem somewhat abstract to folks who do not follow Social Security’s steadily unraveling financial picture, instead assuming that the program will continue unabated. That, of course, may happen, but indications are becoming clearer that congressional inattention may indeed result in an abrupt change in Social Security’s ability to maintain scheduled benefits. If so, what would the impact be? GoBankingRates’ journalist Chris Adams helps put this potential outcome in perspective via a post on their website…check it out here.