Social Security Benefit Cuts Are Coming: Here's the Timeline of How We Got Here and the Latest Forecast of When These Cuts Can Take Place

For many of the nearly 53 million retired workers who receive a monthly Social Security benefit, this income is indispensable. In 2023, the Social Security program pulled 22 million people above the federal poverty line, including 16.3 million adults aged 65 and older. Further, it's helped lower the federal poverty rate for those 65 and older, from an estimated 37.3% without the program to 10.1% with Social Security income (as of 2023), based on an analysis by the Center on Budget and Policy Priorities.Despite the foundational role Social Security plays in the financial well-being of retired workers, this program is on anything but stable ground. Let's examine how America's leading retirement program got into this mess and lay out the updated timeline for when benefit cuts are expected to take place.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool