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

Social Security provides monthly benefits to millions of retired seniors. And some of those seniors depend on the program for the bulk of their income.

That's proven to be a problematic thing this year in particular. Although Social Security recipients got a generous 5.9% raise going into 2022, at this point, the rate of inflation is far outpacing that boost. That means seniors who live mostly on Social Security are losing buying power even at a time when they're sitting on a higher raise.

But that's not the only issue with depending heavily on Social Security. In the not-so-distant future, Social Security may have to cut benefits to the tune of 20% due to a revenue shortfall. And that could leave many seniors in the lurch.

Continue reading

Source Fool.com