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Weekly Insight: What Happens When Social Security Goes Bankrupt?

It’s a trick question. Social Security will not go bankrupt. However, if no changes are made to the current system, the “trust fund,” which was built up by collecting more payroll taxes than it paid out, will be depleted. Benefits would need to be reduced at that point to match the payroll taxes being collected. That would happen sometime between 2033 and 2037 if we do nothing. Once the trust…

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