Many people talk about Social Security benefits being reduced, but very few have taken the time to figure out what that means for them – in real dollars. The Social Security Trust Fund is projected to run out in 2034.
A possible scenario is that Congress may delay the beginning date and/or full retirement age for younger workers. This would only make sense, as the Heritage Foundation report that anyone below the age of 52 today is on track to receive only 75% to 80% of their scheduled benefits.
Reduction of Social Security benefits is also an issue for those who have already retired. Someone who retired in 2019 will have benefits cut starting at age 78. What would this mean for the present day retiree? How does this change the face of retirement?
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