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Social Security Guru Mary Beth Franklin on The Program’s Health & Outlook.
WEALTHTRACK
Secure Your Future: The Reality of Social Security
Social Security is a critical financial source for millions of Americans, with 70.6 million beneficiaries reported in 2022, including a large percentage of women. The average age for disabled worker benefits stands at 55.6 years. Despite slight improvements in the program's financial outlook, significant concerns persist, particularly the projected depletion of the retirement trust fund by 2033, which could lead to a 21% reduction in benefits if current trends continue. Urgent actions are needed to address these financial challenges before beneficiaries face drastic cuts in just nine years.
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