"Impending Social Security Shortfall: What It Means for Your Benefits"

(By Dennis W. Jansen, Texas A&M University) Social Security, a major federal initiative, supports approximately 67 million Americans, predominantly those aged 65 and older. In 2023, 183 million individuals contributed taxes, funding nearly $1.4 trillion in benefits, which accounted for 21% of the federal budget. However, projections indicate potential depletion of trust funds by 2035, risking a 21% reduction in benefits. Both political parties have failed to address this crisis, exacerbating the situation. Experts advocate for reforms to ensure longevity and sustainability of Social Security.