AP PHOTOS: Panama protests have lasted 45 days and counting
Authorities and protesters were injured Thursday in eastern Panama when border police tried to open a highway blocked in an Indigenous community.
President José Raúl Mulino has said he will not reverse the social security changes, nor will he allow protesters to obstruct roads.
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This is a photo gallery curated by AP photo editors.
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USA Today
an hour ago
- USA Today
Two-income retired couple may lose $18,100 annually in Social Security in 2033
A dual-earning couple retiring at the start of 2033 can expect an average $18,100 lower annual Social Security benefit than if they retired now, according to a new analysis from the Committee for a Responsible Federal Budget. The 24% drop is expected to come just after Social Security's Old-Age and Survivors Insurance (OASI) Trust Fund is depleted. OASI holds money collected from payroll taxes to help fund Social Security. That fund is expected to be depleted by late 2032 as the number of retired people outpaces the number of workers. Once OASI's depleted, Social Security benefits will no longer be paid at the full rate. Instead, benefits will be cut, only payable by the amount of money coming in. Even worse, "the cuts would grow over time as scheduled benefits continue to outpace dedicated revenues," the nonprofit CRFB said in its analysis. By 2099, the size of the required benefit cut would grow to well over 30%, it said. Here's how cuts could affect Americans The $18,100 annual cut is an average for a two-income couple. Depending on a couple's age, marital status, and work history, the actual size of the benefit cut would vary. Here are some examples of how Americans could be affected, in nominal or non-inflation adjusted terms, CRFB said: How many Americans could be affected? In June, nearly 67 million Americans received Social Security, according to the Social Security Administration. Social Security is deemed important by 96% of Americans in 2025, with little difference among age groups and political party affiliation, an AARP survey of 3,599 adults ages 18 and older taken last month showed. AARP is a nonprofit advocating for older Americans. Nearly two in three retired Americans say they rely substantially on Social Security, while another 21% say they rely on it somewhat, AARP said. CRFB vs Social Security and Medicare Trustees The CRFB's estimates of a 24% cut in seven years is more dire than the 23% drop in eight years provided by the Social Security and Medicare Trustees report in June. That's because CRFB accounts for the impact from the One Big Beautiful Bill Act (OBBA) signed into law over the Fourth of July, the think tank said. "The tax rate cuts and increase in the senior standard deduction from the recently enacted OBBBA would reduce Social Security's revenue from the income taxation of benefits, increasing the required cut by about a percentage point upon insolvency," CRFB said. "If the expanded senior standard deduction and other temporary measures of OBBBA are made permanent, the benefit cut would grow larger." The OBBBA's $6,000 extra senior deduction is slated for 2025 through 2028. What can government do to keep 100% benefits flowing? Congress will have to increase revenue coming into the program by possibly raising payroll taxes, reducing overall spending on benefits maybe by raising the full retirement age, or some combination of the two, AARP suggested. Also, eliminating the maximum income that's taxable for payroll tax and reducing the benefits paid on higher earnings are also among steps Congress could take to save money, the CRFB said. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
Axios
2 hours ago
- Axios
Social Security recipients set to face an $18,000 benefit cut in just seven years
Retirees are facing the prospect of substantial Social Security cuts in just seven years, sooner than projected, due to the "big, beautiful bill," per an analysis out Thursday from the Committee for a Responsible Federal Budget. Why it matters: If policymakers don't stop this from happening, it would at least double the poverty rate of America's seniors, per several estimates. By the numbers: The new analysis projects a 24% cut to benefits by late 2032. That's equal to an $18,000 annual benefit cut for a dual-earning couple who both retire in 2033. They also might experience reduced healthcare access, per the analysis, due to an 11% cut in Medicare hospital payments. The percentages would grow over time, as the population ages and fewer young Americans are paying into the system. How it works: The trust fund is effectively the money the federal government takes in from Social Security taxes. For decades, the system took in more in taxes than it paid out, the Treasury department then invested the surplus. In 2021, it started tapping reserves to keep paying benefits. Once the reserves are depleted, benefits would be "pay-as-you-go," paying out money as taxes come in. That the trust fund would be depleted in the 2030s has long been known. Zoom in: The tax cuts in the big bill and the increase in the deduction for seniors, specifically, would reduce Social Security's incoming tax revenue — and speed up depletion by about a year, per the CRFB. The big picture: Social Security is arguably the most popular government benefit — most Americans either receive benefits or know someone who does — the vast majority of Americans believe in its importance, according to recent polling. The bottom line: Most policy wonks and Social Security advocates believe that it's highly unlikely that Congress would sit back and watch benefits get cut like this.
Newsweek
2 hours ago
- Newsweek
Social Security: Young Americans May Lose $110,000 to Keep Program Afloat
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Social Security, a foundational program for U.S. retirees and disabled Americans, has come under renewed scrutiny as funding shortfalls loom. A new report by the Cato Institute warned that today's young workers might lose up to $110,000 in lifetime earnings to keep the program afloat. Why It Matters With the Social Security Trust Fund projected to reach insolvency in the next decade, younger workers now face the possibility of significant financial sacrifices to maintain the system for current and future beneficiaries. More than 60 million Americans receive benefits every month. And according to Justice in Aging, Social Security lifts more than 22 million people out of poverty, including over 16 million older adults and almost 1 million children. he Social Security Administration office in Brownsville. he Social Security Administration office in Brownsville. Robert Daemmrich Photography Inc/Corbis via Getty Images What To Know Social Security faces a potential crisis as its trust fund is predicted to be depleted by the mid-2030s, according to recent projections. The primary driver is an aging population, particularly as Baby Boomers retire and a shrinking base of younger workers are paying into the program. As a result, the Social Security Administration would only be able to pay about 80 percent of scheduled benefits unless funding solutions are enacted. The Cato Institute reported that keeping Social Security solvent in its current form would require today's young workers—those just entering the labor market—to contribute significantly more over the course of their careers. If changes are not made, these workers could see a reduction equivalent to $110,000 of their lifetime earnings due to higher taxes and/or reduced benefits, according to the Cato Institute. That figure is based on the latest report from the Social Security Trustees, which said Congress would need to hike the payroll tax rate immediately and permanently by 3.65 percentage points, from 12.4 to 16.05 percent, to close the program's $25 trillion funding gap and continue to send out scheduled payments. "That means less discretionary income in each paycheck, which could have ripple effects on their day-to-day finances and long-term savings," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9 innings podcast, told Newsweek. "A tax increase would be a hit to growth as less discretionary spending means less in corporate earnings." According to the Cato Institute, this cut would be equivalent to giving up 20 months of pay at the worker's average monthly wage. "There are endless variables affecting Social Security, but in the end, the math does not lie," Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek. "To keep the program going, there will be adjustments in the current payroll taxes, income caps, and full retirement age. We could see a return of the Retirement Earnings Test and may even see means testing for the highest income retirees." This could cause outrage across the general public, which has generally favored targeting higher earners rather than taking away from future retirees' payments. A University of Maryland Program for Public Consultation survey showed that 53 percent of American adults considered it acceptable to reduce Social Security benefits exclusively for the Top 40 percent of income earners. This targeted reduction would address approximately 23 percent of the program's projected funding shortfall. There was also bipartisan support for raising the retirement age, which could close an additional 15 percent of the funding gap. What People Are Saying Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "Younger workers, especially the youngest of the Millennials and all of Gen Z and beyond, should expect Social Security to look different for them than it does now. Adjustments to Social Security are rarely popular, but in the past Congress has been willing to act in the face of dire circumstances, such as in 1983 when the Full Retirement Age was extended." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9 innings podcast, told Newsweek: "While such an increase would extend the solvency of Social Security by about 75 years, it's not a complete solution. The real fix would likely require both raising the payroll tax and removing the income cap. But let's be honest—that kind of proposal is a tough sell politically. Running on a platform to raise taxes rarely gains traction, even when it's tied to securing the future of Social Security." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "There's been an assumption made by Americans for decades now, and that is regardless of warnings and political posturing, Social Security will always be there to provide for retirees. The reality is there's a tremendous shortfall coming in the next decade, and if Congress doesn't act, beneficiaries will see their monthly payments dramatically reduced." What Happens Next With Social Security's financial future uncertain, Congress and the public are set to debate possible reforms, including benefit reductions for higher earners, payroll tax increases, and changes to the retirement age. The conversation will likely intensify as insolvency draws nearer in the next decade, with any enacted policy changes affecting both current retirees and younger generations entering the workforce. No official policy changes have yet been passed, but the heightened awareness and survey support for targeted reform suggest continued bipartisan attention to the problem in upcoming legislative sessions. "There are obviously different solutions to the shortfall that don't involve raising that percentage, but it does present a grim prediction for the American workforce if Congress doesn't act on a more efficient solution," Beene said.
