Worried About Social Security Benefit Cuts? Here's Why You Shouldn't Be

Recently, the Social Security Trustees released an update on the state of the program's finances, and the news wasn't as positive as it could've been. Before the pandemic began, the Trustees estimated that Social Security's combined trust funds would run out of money by 2035, at which point benefit cuts would be on the table.

That timeline has since been moved up. Now, the Trustees are saying that because of widespread unemployment during the pandemic, Social Security's trust funds will be depleted by 2034. And once that happens, seniors may be looking at a 22% benefit cut.

For current retirees who are very reliant on Social Security, that's extremely frightening and problematic. But if you're not yet retired, here's why you don't need to panic over a reduction in benefits.

Source Fool.com