According to CNN, many experts say up to 20% in payout cuts could occur as early as 2032 unless Congress steps in with measures to protect funding for the program. This is disturbing news regarding the state of Social Security.
As per Social Security Administration figures from January 2023, approximately 66 million citizens now receive benefits, with the average payment totaling $1,691. Costs will be reduced by 20% to $1,352, restoring the improvements made in benefit increases under cost-of-living adjustments (COLAs), the most recent of which was issued earlier this year and increased payment levels by 8.7%. According to GOBankingRates, over half of the retirees claim that even the larger adjustment isn’t sufficient to get on.
After the United States reached its debt limit, Social Security has come up for discussion. President Joe Biden and House Republicans have promised not to harm Social Security as they fight over federal spending, despite claims that legislators are ready to target the agency for budget cuts.
