The bill increases benefits for all workers by about 2 percent, on average. (Photo of old Social Security poster: AP)
New Congressional Budget Office analysis of the Social Security 2100 Act shows the bill would delay, but not avoid, exhaustion of the two trusts that fund scheduled benefits to retirees and disabled Americans.
Under existing law, CBO projects Social Security's primary OASDI trust fund will be depleted in 2032, leading to a 24 percent reduction in benefits for all retirees in 2033.
Under the Social Security 2100 Act, the primary trust fund would survive until 2041, after which retirees would see a 5 percent reduction in benefits.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
