Delaying action on Social Security comes at a price: Here’s why

(NewsNation) — Social Security’s retirement trust fund is expected to run dry in roughly six years, and the longer Congress waits to act, the more painful the eventual trade-offs become.

Without reforms, retirees face a 22% benefit cut in late 2032, reducing the average monthly check by roughly $450, according to the latest projections.

Lawmakers are unlikely to let that happen, but kicking the can down the road has consequences.

“Many options that would have once restored solvency are no longer available,” the Committee for a Responsible Federal Budget wrote in an analysis earlier this month. “Continued inaction has the potential to take even more reforms off the table.”

Delaying action won’t just leave policymakers with fewer options — it will also make the necessary changes more severe.

Potential revenue-raising fixes — like increasing the payroll tax rate or raising the cap on taxable earnings — would need to be more substantial the longer lawmakers wait. The same is true for potential reductions in benefit.

Waiting also leaves less time to phase in changes gradually and leaves workers and retirees with fewer years to prepare.

Learn more about the Social Security fixes on the table.

Why waiting makes Social Security harder to fix

The longer Congress........

© The Hill