Are Retirees Ready for a 21% Cut to Social Security Benefits? Here's Exactly When It Could Happen.
Social Security benefits help millions of seniors to afford necessities, especially as far too many people don't have enough retirement savings.
Unfortunately, these benefits don't do a great job of providing for all of the financial needs of retirees. That's because most people need to replace around 70% to 80% of pre-retirement income at a minimum when retiring, while Social Security benefits typically replace only about 40% of what you were earning before you retired.
This situation could actually get worse soon, though. There's a potential risk of a benefit cut that would reduce Social Security checks by as much as 21%. Here's when this could happen and why it might occur.
Source Fool.com
