Social Security Is in Financial Trouble, So Watch Out for This Stealth Method of Cutting Benefits
Social Security is a lifeline for many seniors, providing half of all household income for 50% of retired couples and 70% of unmarried persons. Sadly, this entitlement program isn't in very good financial shape.
In fact, the combined trust fund for retirement, survivors, and disability benefits is expected to run short by 2035, which could necessitate a 24% cut in retirement benefits. And the day of reckoning for Social Security could come even faster because of the financial effects of COVID-19.
To stave off disaster, lawmakers will have to act sooner rather than later. And one proposal that's received support from both sides of the aisle could amount to a huge benefits cut, even if it doesn't directly call for reducing benefits.
Source Fool.com
