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Friday, September 24, 2021

Here is how a lot your advantages may drop if Social Safety trusts run out of cash

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The Social Safety Administration wants more cash.

The federal government company’s newest report exhibits that the mixed belief funds used to pay Social Safety retirement, survivor and incapacity advantages will solely be capable to pay out as scheduled by way of 2033.

After that, this system will be capable to pay 78% of advantages as scheduled.

Main options to repair the shortfall will almost definitely want to come back from growing taxes or slashing advantages.

Take a look at this video for a case examine primarily based on an answer that may go away retirees with much less cash.

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Disclosure: NBCUniversal and Comcast Ventures are buyers in Acorns.

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