The future of Social Security benefits is uncertain as projections indicate that the program's trust fund may not be able to sustain full retirement benefits by 2033.
Without intervention from Congress, retirees could face a 21% reduction in their benefits, potentially leading to a retirement crisis.
This could result in a doubling of the elderly poverty rate and a decrease in median senior household income by nearly 14%.
However, there are potential solutions to mitigate the impact of benefit cuts, such as reallocating benefits to protect low earners while minimizing the impact on the middle class.
It is crucial for Congress to take action before the trust fund depletion deadline to ensure the program's sustainability and provide certainty for beneficiaries.
The upcoming elections offer hope for Social Security reform, as a majority of adults are concerned about the depletion of funds.
If an agreement is not reached, the president could take measures to protect beneficiaries, such as capping monthly benefits for higher earners.
Failure to address the issue could lead to legal challenges and uncertainty regarding Constitutional law and entitlement to benefits.
Decisive action from Congress is necessary to secure the future of Social Security and protect retirees who rely on these benefits.