According to a new study, pensioners will receive only some benefits beginning in 2034. However, by 2034, Social Security will still exist, but retirees will only receive 77% of their full benefit. This worry will likely come true if Congress doesn’t address the social program’s budget problems.
Social Security retirement income is crucial to retirees. According to the Social Security Administration, over 50 million retired workers received their payments, according to Social Security Administration.
The number of benefits that retirees will receive could, however, drop in the upcoming years. During the early 1980s, no significant Social Security legislation at all, according to Alicia H. Munnell, Director of the Center of Retirement Studies at Boston College. It will compel Congress to take action to stop this from occurring again, cnbc.com posted.
Biden to Protect Social Security
Even if a 64 percent majority of Republican voters oppose cutting Social Security and Medicare, Republican officeholders continue to claim they do not intend to do so.
According to economist Herbert Stein, adjustments will be made to prevent the bankruptcy of Social Security and Medicare, which together account for nearly one-third of the federal budget. These adjustments will either involve benefit reductions, tax hikes, or both.
No matter what the solution is, it won’t likely be implemented in a way that annoys a sizable portion of the older people who receive benefits from the scheme.
However, Biden hasn’t provided many specifics about how he will truly repair Social Security.
He stated in his State of the Union speech in 2022 that he does not want to increase Social Security taxes for those making under $400,000. Biden might reduce Social Security benefits, according to one notion, by making cuts.
He promised in November that the Social Security and Medicare programs, which Biden claimed were being attacked by Republicans, would be safeguarded.