Will Joe Biden Cut Social Security Benefits?
Close to 65 million Americans receive a Social Security benefit each month, 71% of whom are retired workers. For many of these retirees, their monthly payout accounts for at least half of their income.
Social Security has become increasingly important in its more than eight decades of doling out payments, yet the program is in a precarious position. According to the 2020 Social Security Board of Trustees report, the program is staring down a $16.8 trillion funding shortfall between 2035 and 2094. If this widening gap of unfunded obligations isn't resolved, retired workers might see their monthly benefits slashed by up to 24% in 2035 simply to maintain program solvency.
Americans recently elected Democratic Party challenger Joe Biden as the 46th President of the United States. Seniors really want to know what's going to happen with Social Security and their monthly benefit under Biden's leadership.
Source Fool.com
