Seniors on Social Security Could Be Headed for a 20% Pay Cut

Social Security serves millions of retirees. And some seniors depend on the programme for most of their income.

Social Security recipients got a 5.9% hike through 2022, but inflation is exceeding it. That implies seniors who rely on Social Security are losing buying power despite a rise.

Dependence on Social Security isn't the only concern. Social Security may have to decrease benefits by 20% due to a revenue shortage. 

Social Security anticipates to owe more in payouts than it gets in revenue due to baby boomer retirement.

Social Security can use trust funds to provide benefits. Once the trust funds run dry, benefit cuts will return.

Social Security's trust funds will run out of money in 2035, according to the Trustees' 2022 report. Social Security may have to cut benefits by 20% .

Legislators are working on it.  Whether benefit cuts may be avoided is unpredictable, so plan ahead.

Beneficiaries should prepare financially for this. It's a terrible concept, but it won't happen for 10 years, so there's time to adjust plans.

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