Social Security cuts loom for future retirees
The estimated 24% drop in benefits is due to a projected depletion of Social Security's "old-age and survivors insurance trust fund."
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Significant cuts to Social Security benefits could be on the horizon for those nearing retirement.
A new analysis by a nonpartisan organization indicates that dual-income couples retiring in 2033 may receive $18,000 less per year. This is compared to those retiring now.
The estimated 24% drop in benefits is due to a projected depletion of Social Security's "old-age and survivors insurance trust fund."
Once that fund is depleted, the recently-enacted "Big Bill" dictates that Social Security benefits will no longer be paid at the full rate.
