Social Security is definitely one of the main topics of this election season. In fact, there are some huge proposed changes coming. If you’re already collecting Social Security benefits or are about to retire, you may want to know what to expect in the near future.
The White House issued a 2024 budget proposal that included additional benefits and funding for Social Security and Medicare recipients. While the Social Security Trust Fund is projected to become exhausted in 2034, the proposal doesn’t mention anything about cutting benefits for current beneficiaries.
With big changes coming, high inflation, and a looming deficit, Social Security is most probably going to be the center of attention this summer as legislators debate the budget proposal and aim to protect the much-needed retirement income millions of Americans rely on.
Without further ado, here are six major changes to Social Security that are likely to occur and that will be fine-tuned in the coming months. Check this out!