Social Security Faces Steep Benefit Cuts for Couples Without Reform
Couples could be hit hard when both spouses collect Social Security benefits.
Overview
Many people rely on Social Security for a good portion of their retirement income. Unfortunately, seniors could soon face cuts to a crucial source of funds. The Social Security OASI trust fund is expected to be depleted as soon as 2032, according to the most recent Social Security Trustees' report.
If reform doesn't happen and the trust fund is depleted, Social Security can't pay all the promised benefits, which means a cut will be coming. This cut will hit everyone hard, but couples relying on dual Social Security checks will likely see a substantial portion of their income disappear if it happens.
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Details
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Originally published at www.fool.com.
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