Without a major change, Social Security may be forced to cut benefits in 2035, a year later than previously forecast.
The timeline to replenish Social Security is being extended. The federal retirement program said Monday it may not need to cut benefits until 2035, one year later than previously forecast, because of stronger performance by the U.S. The new projection, from the Social Security Board of Trustees' annual report, amounts to 'good news' for the program's 70 million beneficiaries, said Martin O'Malley, Commissioner of Social Security, in a statement.
'Economic boostO'Malley attributed the improved Social Security forecast to the stronger economy, pointing to what he called 'impressive wage growth, historic job creation, and a steady, low unemployment rate.' In other words, a healthy job market is resulting in more Social Security taxes going into the funds' coffers.
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