For millions of retirees, Social Security provides an essential source of income in retirement. In 2020, around 50 million retired workers collected Social Security benefits, according to the Social Security Administration.
However, the recent 2022 Social Security Trustees report finds that in 2034, retirees will start receiving a reduced benefit if Congress doesn’t fix funding issues for the social program. In other words, Social Security will exist after 2034, but retirees will only receive 77% of their full benefit starting then.
In order to understand why Social Security is facing a long-term financing issue, it’s important to know how Social Security works. https://bak.or.ke/new-online-casinos/ creates a comprehensive guide hoping to help the elderly access the information they need about social security benefits. Read more about it here