Social Security to run out of money by 2034: report

Social Security will run out of money by 2034, according to an annual report released by the four trustees of the program: Treasury Secretary Scott Bessent, Secretary of Health and Human Services Robert F. Kennedy Jr., Labor Secretary Lori Chavez-DeRemer, and Social Security Commissioner Frank Bisignano.

This is one year earlier than what was predicted in last year's report.

The four trustees wrote, “If Congress does not overhaul the programs’ financing, automatic cuts will slash Social Security benefits by 23 percent and Medicare hospital benefits by 11 percent in 2033.”

According to the Washington Post, they are now calling "for prompt legislative action to address the looming insolvency.”

If Congress does not act, the program would still be able to send out checks, but they would be less than the regular amount.

The Post said, “If the trust funds dry up, retirees will still receive benefits as long as workers are paying the payroll taxes. But the amount will drop.”

Americans can start receiving social security at 62; however, the longer they wait, the larger the monthly checks will become.

The “full” retirement age is 66 or 67, depending on when you were born.