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.

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Source Fool.com