Social Security Hasn't Done This Since 1981. Should Beneficiaries Be Worried?
No program is more vital to the financial well-being of Americans than Social Security. Every year, America's top retirement program is responsible for pulling 21.7 million people out of poverty, including nearly 15.4 million adults aged 65 and over. If Social Security didn't exist, the senior poverty rate in America would be almost four times higher (10% with vs. 38% without), according to estimates from the Center on Budget and Policy Priorities.
Since most current and future retirees are, or will be, reliant on their Social Security income to make ends meet, it's imperative that the program's foundation remain strong. Unfortunately, proverbial cracks have begun to develop.
In particular, Social Security is on the cusp of doing something in 2023 that hasn't been observed since 1981 -- and it's certainly concerning for current and future beneficiaries.
Source Fool.com