68% of Retirees May Be in for a Huge Social Security Shock
This article highlights the important point that retirees and aspiring retirees need to know that it is very possible your social security benefit could be cut by as much as 21% by the year 2035 unless Congress acts and is able to provide proper funding for the program.
Have you done a Financial Plan and accounted for this possible 21% cut? Run the numbers so that you are not shocked and can implement a plan that will help prepare for this possibility.
MOTLEY FOOL ARTICLE
Millions of seniors today rely on Social Security to pay their bills, and without those benefits, they'd be in serious financial trouble. But Social Security is facing its own share of financial problems, and if those issues aren't resolved, the result could be devastating for seniors.
Interestingly enough, today's seniors have a rather optimistic attitude with regard to Social Security. In a recent survey by the Employee Benefit Research Institute, 68% of retirees said they're confident Social Security will continue to provide benefits of equal value to those being paid out today, and 48% of workers echoed that sentiment.
But Social Security's most recent Trustees Report tells a very different story -- specifically, that benefits may be cut across the board in as little as 15 years. And that's bad news for current and future retirees alike.
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