Without action, Social Security faces a 23% benefits cut by 2032 to stay solvent.

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The Social Security trust fund is on track to run out by 2032, potentially slashing benefits by 23% to stay afloat. Proposals to tackle this crisis include raising the retirement age, adjusting benefit formulas, and increasing payroll taxes. With Social Security reform a heated political issue, parties are divided on the best path to secure the program’s future.

Source: Money

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