Social Security Will Be Unable To Pay Full Benefits To Beneficiaries By 2035
The Trump administration released an annual report by the Trustees of the Social Security and Medicare on Monday. According to claims within the report, the Social Security retirement program will be unable to pay full benefits by the year 2035.
The report is being seen as a call to action. Without reforms, payments to the tens of millions of beneficiaries could be cut by 25-percent in order to keep the program afloat.
The U.S. currently has three trillion dollars in reserves, however, the government may have to tap into those funds as early as next year.