What Will the Average Americans' Social Security Benefit Be in 2020?

According to the Social Security Administration (SSA), via its June 2017 monthly statistical snapshot, nearly 61.5 million beneficiaries were receiving a monthly stipend from the program, a majority of which (41.91 million) are retired workers. A previous study has shown that, without this income, there is a strong likelihood that millions more seniors would be living below the poverty line.

Yet, in spite of the importance of Social Security, Congress has hardly lifted a finger in 34 years (since the 1983 Amendments were passed) to improve the program -- and that's a problem. You see, according to the newly released report from the Social Security Board of Trustees, Social Security's nearly $2.9 billion in asset reserves will soon be completely gone. Beginning in 2022, more money will be paid out in benefits than is being generated through payroll tax, interest income on its asset reserves, and via the taxation of benefits. By 2034, Social Security will have completely exhausted its asset reserves, leading to a possible cut in benefits of up 23%. Not exactly a rosy forecast.

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Source: Fool.com