Social Security Trust Fund Runs Dry Faster Than Expected: Millennials Face 23% Benefit Cut by 2033
New data from the Treasury Department reveals the social security trust fund depletion will hit by 2033, three years earlier than prior forecasts. This triggers automatic 23% across-the-board benefit cuts unless Congress acts. Immediate causes: lower birth rates, sluggish wage growth, and rising longevity. CEOs should adjust workforce retirement planning now.