Worthy Christian News > US News > Social Security says system’s costs will exceed income this year

Social Security says system’s costs will exceed income this year

Wednesday, June 6, 2018 | Tag Cloud Tags: News, Security, Worthy News | Learn about our FREE SYNDICATION Service | Subscribe to the Worthy Brief! | Printer Friendly

(Worthy News) – The Social Security program’s costs are expected to exceed its income this year, marking the first time that has happened since 1982 and forcing the U.S. government to dip into the retirement system’s trust fund to pay benefits to participants. The program’s trustees said the shortfall trend could worsen in the decades to come.

Indeed, the trustees of Social Security and Medicare forecast the program’s reserves will be depleted by 2034, at which point it won’t be able to pay full benefits on a timely basis. The report said that if the funds are depleted, the program could pay about three-quarters of benefits.

Because Social Security is a main source of income for older Americans, that scenario could crimp household budgets for seniors and even push some into poverty. About 23 percent of older married couples rely on Social Security as their main source of income, according to the program. [ Source: CBS News (Read More…) ]

Social media may not always show you what matters. Get Worthy News directly in your inbox.

people are currently praying.

Worthy News reports from a biblical worldview with a commitment to accuracy, transparency, and editorial independence. Learn more about About Worthy News, our Editorial Standards, AI Use Policy, Ownership of Worthy News, News Tips and Corrections, and Worthy News Staff.

💡 Did you know? One of the best ways you can support Worthy News is by simply leaving a comment and sharing this article.

📢 Social media algorithms push content further when there’s more engagement — so every 👍 like, 💬 comment, and 🔄 share helps more people discover the truth. 🙌

Discuss this article in our forums

Latest Worthy News

Russian Strikes Kill 12 In Ukraine As Kyiv Reports North Korean Missiles

Former Jehovah’s Witness Turned Christian Publisher Wim de Goeij Dies At 64

Hungary Elects András Baka President As He Warns Against Revenge

Massachusetts Governor Signs Law Removing Specific Limits on Abortions After 24 Weeks

U.S. Golden Dome Missile Shield Passes Major Tests, but Funding Battle Threatens 2028 Deployment

Taliban Bars 2.4 Million Afghan Girls From School, Erasing Decades of Progress

UK Christian Motorist Told to Remove ‘Jesus Loves You’ Message to Keep Car Insurance

Israel, Venezuela Renew Consular Relations as Latin America Ties Strengthen

US Brokers Secret Deal to Remove Nuclear Material From Syrian Site

Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.