How Much You Stand to Lose When Social Security ‘Goes Broke’
It’s time to face reality. Social Security will have no choice but to start cutting benefits if nothing is done to shore up its reserves. If Congress doesn’t take action soon to secure solvency, the retirement income millions of Americans rely on will be slashed.
An article by MoneyWise spells out exactly how much less you could see should that happen: “Retiring single-income couples could lose $7,500 per year if they’re low income, $12,400 in the middle range and $16,300 if they have a higher income. Meanwhile, dual-income couples could lose $10,000, $16,500 and $21,800, respectively. The actual size of benefit cuts would vary across retirees depending on age, work history and lifetime incomes.”
The Seniors Trust is committed to improving the lives of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), and increased minimum benefits. This bill will also ensure the long-term solvency of the Social Security program.
