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The Social Security Administration (SSA) has processed over 2.5 million retroactive payments for teachers, firefighters, police officers and others with public pensions who were previously locked ...
The Social Security Administration faces a funding crisis. Trustees say the projected shortfall in retirement benefits has risen to $25.1 trillion through 2099, up from $22.6 trillion a year ago.
About 68 million people received monthly Social Security benefits in 2024, and Medicare provides health insurance coverage to 67.6 million people.
Social Security is on track to deplete its trust funds by 2034, one year sooner than previously forecast, when the federal retirement program will be required to cut monthly benefits by about 20%.