A Glimpse of What A Social Security Cut Will Mean For Retirees

Even with the annual cost-of-living adjustment (COLA), Social Security can’t keep up with current costs. This is troublesome. An article by MLive says nearly 60% of seniors “worry that rising costs will force them to dip into their retirement savings earlier than expected.”

Making matters worse, Social Security is facing a severe solvency issue. If lawmakers do not work to fix it, benefits will be cut by over 20% in just a few years. This is a huge concern. The article notes that should that happen, “73% of seniors say they would struggle to pay monthly bills, 68% would cut back on food or groceries, and 52% would skip or delay medical care or prescriptions.”

The Seniors Trust is committed to improving the financial well-being of older Americans by passing the Social Security Expansion Act. It will give retirees an immediate increase of about $200 a month in benefits, a fair annual COLA, increased minimum benefits, and ensure the long-term solvency of the Social Security program.