Social Security Benefits Could Be Headed for Cuts: Why I Refuse to Lose Sleep Over It
I don't love the idea of smaller checks, but I'm taking steps to make them less of a problem.
Overview
If you've been following the news on Social Security lately, there are probably a couple of different items hitting your radar. One might be speculation about the upcoming cost-of-living adjustment, which can't be announced until October. The other is the state of Social Security's finances.
To put things bluntly, Social Security is in big financial trouble. The program is expecting to owe more in benefits in the coming years than it collects in revenue due to an aging population coupled with a shrinking labor force. And once Social Security's Social Security's Old-Age and Survivors Insurance Trust Fund runs out, which is now expected to happen in late 2032, the program may be forced to implement a broad 22% benefit cut.
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Originally published at www.fool.com.
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