US Social Security Fund May Pay Only 78% of Benefits by 2032
A projection says the US Social Security fund's income in 2032 would be enough to pay just 78 per cent of scheduled benefits. That would mean a 22 per cent cut in monthly retirement income for beneficiaries, and millions of Americans may be affected.
Context
Social Security is the US government's retirement programme, funded mainly by payroll taxes paid by workers today. Many older Americans depend on it for a large share of their income, so projected shortfalls draw wide attention.
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