Social Security Funding Crisis Looms: Proposal to Reallocate Retirement Account Taxes for Solvency
Boston, Massachusetts – Social Security is a critical lifeline for millions of Americans, with nearly 9 out of 10 people 65 and older relying on these monthly benefits. However, a looming solvency crisis has raised concerns about the program’s future. The latest report from the Social Security Trustees predicts a possible 20% reduction in benefits by 2034 if the funding shortfall is not addressed promptly. In a recent proposal, economists from Boston College’s Center for …