SUSTAINABILITY: In 16 years, Social Security will have to cut benefits by 21% if lawmakers do nothing to cure the program’s long-term funding shortfall.

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via CNN:

That’s what the Social Security and Medicare trustees projected in their 2018 annual report released Tuesday.

The trustees estimate that by 2034 the combined trust funds for Social Security — which help fund the old age and disability programs — will run dry. At that point Social Security will be able to pay only 79% in promised benefits to retirees and disabled beneficiaries.

So if you were expecting to get $2,000 a month, your payout would shrink to $1,580.

It gets worse:

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Anything which can’t go on forever will stop.

h/t SG

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