Social Security Warns of 23% Benefit Cut by 2034 Without a Fix

The Social Security trust fund will become unable to pay scheduled benefits to retirees and the disabled as soon as 2034, new projections show — one year earlier than last year’s estimates.

The reports out Wednesday from trustees of Social Security and Medicare funds ramp up the urgency to find a solution to the growing gap between contributions and benefits — or else today’s 59-year-olds will see an automatic 23% benefit cut when they reach full retirement age.

The Medicare trust fund that covers seniors’ hospital care is also expected to be depleted in 2033, triggering an 11% cut in ...