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Money Explainers
  • 23/6/2025
Time is running out for Social Security. Discover the critical date and what it means for your benefits.
Why Congress holds the key to Social Security's future.
Millions could face benefit cuts. Learn about the factors accelerating Social Security's depletion.
#SocialSecurityDeadline. #CongressionalAction. #RetirementCrisis .

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00:00The Social Security Program, a lifeline for millions of Americans, faces a looming crisis.
00:06According to a recent report by the program's trustees, the Social Security Trust Fund is now
00:11expected to run out of cash in just eight years. Unless Congress acts before then, benefits for
00:16over 60 million retirees and family members will face an automatic cut of 23%. This deadline is
00:23about nine months earlier than predictions from a year ago. This accelerated timeline is primarily
00:29due to a new law that increased benefits for nearly 3 million former public sector workers
00:33whose pensions were not covered by Social Security. Additionally, trustees have adjusted their
00:39assumptions about future wages, which directly impact payroll tax contributions, and birth rates,
00:44further exacerbating the financial shortfall. A separate trust fund, which supports Social
00:50Security disability payments, is currently projected to remain solvent through 2099. However, if the
00:57two funds were combined, an action that would require an act of Congress, the pooled fund would
01:02only last through 2034. After that, benefits would still face an automatic cut, albeit a slightly smaller
01:09one of 19%. The program's most fundamental challenge remains demographic. The U.S. population is rapidly
01:17aging, with more than 11,000 baby boomers reaching retirement age every single day. This means that for
01:24each person currently drawing Social Security, there are now fewer young workers contributing taxes to
01:29support the system. While the trust fund built up over decades when baby boomers were in their working
01:34years provides a temporary buffer once that money is gone incoming payroll taxes will only be sufficient
01:40to cover approximately 77% of promised retirement benefits. The implications are clear, Congress must act.
01:48Lawmakers have a range of options to address this shortfall, including raising taxes, cutting benefits,
01:53or implementing a combination of both. The trustees have emphasized the urgency of the situation,
01:59stating that taking action sooner rather than later will allow consideration of a broader range of
02:04solutions, and provide more time to phase in changes so that the public has adequate time to prepare.
02:10Maya Mac Guinness, who leads the Committee for a Responsible Federal Budget, has strongly warned against
02:15further delay, asserting that at this point, any member of Congress without a plan to fix Social Security
02:21is shirking their duty to preserve the nation's largest and most important government program.
02:26While President Trump has vowed not to touch Social Security benefits, the law dictates an automatic
02:31benefit cut if no changes are made to the program and the trust fund is exhausted. Nancy Altman,
02:38president of the advocacy group Social Security Works, points out, any politician who doesn't support
02:43increasing Social Security's revenue is, by default, supporting benefit cuts.
02:47The future of Social Security hangs in the balance, requiring decisive action from Congress to avoid a
02:54significant impact on millions of Americans. Money Explainers

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