A Fox Business report said that the Social Security program, which pays benefits to millions of American retirees and persons who are physically and mentally disabled, will reach insolvency by the year 2034.
President Donald J. Trump said that the administration will protect Social Security and that the reforms will involve future retirement age changes and other program changes.
Some have questioned whether benefits would be cut for current beneficiaries. The administration said that they would not allow that to happen.
The administration said that the president would work with Congress to create a package of reforms that would protect the program, including raising the retirement age for future generations that wish to access the programs, along with ending waste, fraud and abuse in the program, which has already saved billions of dollars.
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