How Much Money Will You Lose if Social Security Benefits Are Cut?
Recently, the Social Security Trustees released their latest update on the program, and the news wasn't great. Social Security's combined trust funds are expected to run dry by 2034. Once that happens, recipients could be looking at a 22% reduction in benefits. And that's a situation it's important to prepare for.
First, let's get one thing out of the way. Social Security cuts aren't a given. There's still a chance lawmakers will step in and find a way to prevent a reduction in benefits, which many seniors rely on today as their only source of retirement income.
But still, it's important to prepare for the fact that benefits may be reduced in a little over a decade. And it's important to understand how those cuts could affect you.
Source Fool.com
