How Much Can Seniors Expect to Lose From Anticipated Social Security Benefit Cuts?

Social Security Benefit Cuts are a very real possibility for Americans in the next several years. Unfortunately, benefits have been lacking for many American’s for a very long time. As inflation skyrockets, it is hards to imagine cutting already low benefits. This, however, is the reality we may have to face soon.

Why Social Security Benefit Cuts May Be Coming

According to a 2020 Social Security Administration trustees report, by 2034, incoming revenues will be enough to pay about 76% of scheduled Social Security benefits. This number, of course, is troubling for those who rely on benefits during retire. We don’t know what the future holds, but significant benefit cuts could be in the cards. Unfortunately, our seniors cannot handle this.

Benefits Are Already Too Low

Social Security benefits are not enough to keep up with rising costs. Inflation is seeing the highest increase in years and benefits need to catch up. The Cost of Living Adjustment (COLA) fails year after year to keep up with inflation, and recipients cannot take another hit.

How Much Can Seniors Expect to Lose?

Anticipated changes to Social Security retirement benefits depend on the individul’s age. Unfortunately, we cannot predict the future. It is very possible that Congress will implement a solution that will avoid extensive cuts. It is, however, good to prepare for the possibility that upon reaching retirement age, you could face a 10-24 percent reduction in benefits. This USA Today article has some good information about what to expect. We believe that making cuts to Social Security when recepients desperately need an increase, is the wrong move.

So many of our older Americans have given so much, We must give back. Instead of cutting benefits, it is time to give our seniors – specifically those age 82 and older – what they have earned. A Congressional bill we call The Greatest Generation Benefits Act would change things for so many Americans. Learn how this legislation would change lives here.