Social Security benefits could be cut by 22% in six years if action isn’t taken, according to the annual report from the Social Security Board of Trustees.
Millions of retirees and other Americans could soon see a significant cut in their monthly benefits payments from the Social Security Administration if Congress doesn’t act fast.
According to an annual report released Tuesday by the Social Security Board of Trustees, the Social Security’s primary retirement trust fund is now projected to be depleted in late 2032, which is one quarter earlier than last year’s projection.
Unless action is taken to preserve the funding of the benefits that senior citizens, their dependents, and survivors of deceased workers receive, all recipients will face a 22% cut in their monthly benefits.
https://www.the-express.com/finance/personal-finance/209478/social-security-cut-inflation-prices