Labour has promised to keep the triple lock guarantee on state pensions, ensuring that they rise by the highest of inflation, earnings growth, or a minimum of 2.5% each year. Additionally, they have pledged to conduct a thorough review of the current pension system to address issues such as increasing the retirement age and improving access to workplace pensions. These commitments aim to provide security and stability for current and future retirees under a Labour government.
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Social Security Is Owed Tens of Billions of Dollars, and the Donald Trump Administration Aims to Collect. Will Your Benefit Be Garnished?
Social Security is vital for most retirees, with 86% relying on it as a significant source of income, yet the program faces a $25.1 trillion funding deficit over the next 75 years. Without reforms, retirees could face benefit cuts of up to 23% by 2033, jeopardizing their financial stability. Want More Context? 🔎
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