President Trump Promised Not to Hurt Social Security, but There's Only 1 Way to Avoid That
Social Security benefits may not be cut, but your budget could get tighter in another way.
Overview
Social Security benefits are poised to take a substantial leap in a few months, thanks to the 2027 cost-of-living adjustment (COLA), potentially offering some relief to families struggling with high inflation this year. But the program's long-term outlook is less optimistic. We're now just six years out from a possible 22% cut for all beneficiaries.
In his 2024 campaign, President Donald Trump vowed not to cut Social Security benefits, and it's likely that Washington will take steps to avoid this outcome. But avoiding cuts carries costs of its own.
President Donald Trump. Image source: The White House.
Details
Source
Originally published at www.fool.com.
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