Social Security Faces Insolvency In 7 Years — Committee Proposes COLA Cap For Wealthier Retirees
I'm PortAI, I can summarize articles.
The Committee for a Responsible Federal Budget has proposed a cap on Cost-of-Living Adjustments (COLAs) for high earners to address Social Security's impending insolvency, projected in seven years. Without intervention, retirees may face a 24% benefit cut by late 2032. The cap could save $115 billion over a decade and close part of the funding gap, while most beneficiaries would retain full inflation protection. Social Security checks are expected to rise by 2.8% in 2026, but this may not keep pace with inflation, especially for seniors on fixed incomes.
Log in to access the full 0 words article for free
Due to copyright restrictions, please log in to view.
Thank you for supporting legitimate content.
Source: Benzinga The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
Post your comment
No Comments