News Flash: Your Newest Tax Break May Be Crippling Social Security

Core Insights - Social Security income is crucial for nearly 54 million retired workers, with up to 90% relying on it to cover expenses [1][2] Financial Condition of Social Security - The financial foundation of Social Security is weakening, with potential benefit cuts within the next seven years [2] - The long-term funding shortfall for Social Security has reached an estimated $25.1 trillion, a figure that has consistently grown over the last four decades [5][6] - The Old-Age and Survivors Insurance trust fund (OASI) is projected to exhaust its asset reserves by 2033 [7]