Amman, June 10 (Petra) — Tens of millions of American retirees and
beneficiaries could face cuts to their monthly Social Security
payments within six years unless Congress acts to shore up the
program’s finances, according to a report by the Social Security
trustees.

CNN reported that the retirement trust fund, which finances payments
to elderly recipients, their dependents, and survivors, is projected
to be depleted by late 2032. At that point, payroll tax revenues and
other income sources would cover only 78 percent of owed benefits.

The combined retirement and disability trust funds face depletion by
2034, when available revenues would cover just 83 percent of due
benefits, the report said. The projections have prompted Social
Security experts and advocates to renew calls on lawmakers to address
the looming shortfall.

Options under consideration include raising the payroll tax rate,
increasing the income ceiling subject to payroll taxes, raising the
age at which recipients can begin collecting benefits or receive full
retirement payments, and reducing benefits or slowing their annual
growth rate.

//Petra// NQ