Who's Ready for a 23% Cut to Their Social Security Benefits?

For many Americans, Social Security is nothing short of indispensable. The Social Security Administration finds that 61% of retired workers currently receiving benefits counts on their check to provide at least half of their monthly income. And according to a study from the Center on Budget and Policy Priorities, more than 40% of seniors would be living under the poverty rate if not for their monthly Social Security income.

This reliance by current retirees, and the expectation that many soon-to-be retired boomers will lean heavily on Social Security in their golden years, could turn out to be bad news for seniors.

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Source: Fool.com