Social Security Benefits Are Already Down by 30%, and It'll Only Get Worse in 2021
The majority of Americans are worried about future Social Security benefits cuts, with close to six in 10 Americans afraid benefits won't be there for them.
But while future cuts are a real possibility, many have missed the fact that de facto cuts have actually already occurred. In fact, benefits are effectively around 30% smaller today than they were in the year 2000 -- and things are only going to get worse.
Most Americans don't know that Social Security benefits have effectively been cut not because of any legislation or changes in the rules. Instead, benefits have seen a reduction in their value because of the way that cost-of-living adjustments (COLAs) are calculated.
Source Fool.com
