4 Social Security Shakeups from Biden That Could Hit Your Wallet by 2024

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“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.”

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