Social Security Commissioner Martin O'Malley. Photo: Al Drago/Bloomberg
The Social Security trust fund got a slight reprieve this week when trustees announced that benefits may not have to be reduced until 2035, which is one year later than previously forecast.
"This year's report is a measure of good news for the millions of Americans who depend on Social Security, including the roughly 50% of seniors for whom Social Security is the difference between poverty and living in dignity," Commissioner Martin O'Malley said. "Any potential benefit reduction event has been pushed off from 2034 to 2035."
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