Bessent says Americans won’t need retirement savings: ‘Elon’s so far ahead of the curve’

Federal Budget estimated that an immediate 24 percent cut on insolvency would translate to an average monthly reduction of about $500 for retirees, affecting roughly 63 million people.

The trustees also noted the outlook had worsened partly because of the 2025 “One Big Beautiful Bill Act,” which reduced tax revenue flowing into the trust fund.

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