Major Warning Given on Social Security Checks | Facts Matter

According to a new analysis of the current state of the Social Security program, within the next 10 years—provided nothing changes—the average retired couple will see their benefits get reduced by a whopping $17,400. At the same time, inflation over the next 10 years would make goods and services significantly more expensive.

Specifically, the analysis found that by 2033, the Old-Age and Survivors Insurance Trust Fund, which funds the Social Security program, will completely deplete its reserves. And once that happens, federal law mandates that “the [Old-Age and Survivors Insurance] trust fund can only spend in amounts equal to incoming trust fund revenue, which means that all 70 million retirees, dependents, and survivors—regardless of age, income, or need—will see their benefits cut by 23 percent.” This cut will differ for couples at different income levels.

Episode Resources:

🔵 Social Security Report:

https://www.crfb.org/blogs/retirees-face-17400-cut-if-social-security-isnt-saved