4 Social Security Shakeups from Biden That Could Hit Your Wallet by 2024
“As the Social Security Old Age and Survivors Insurance Trust (OASI) faces depletion by 2033, President Joe Biden has suggested what MSN calls a “sweeping four-point plan” to bolster funds in the trust and help fill the $22.4 trillion funding shortage shown in the 2023 Trustees Report. If the federal government can’t fix the shortage, it could result in benefit cuts of up to 24% for retirees beginning in 2033. While some of Biden’s proposed changes will affect mostly high earners and company executives — those who have retirement savings plans exponentially higher than the average American — some will affect middle- and lower-income wage earners, especially those who may rely on social security benefits in the future.”