6 Ways Republicans Could Cut Social Security Benefits
Social Security is arguably the most important social program in this country. Each month, more than 42 million retired workers receives a monthly stipend from the Social Security Administration, and more than three out of five of those elderly beneficiaries relies on this payment to comprise at least half of their income. Without Social Security, the Center on Budget and Policy Priorities has estimated that millions of additional seniors would be living below the federal poverty line.
But this critical program isn't on solid financial footing. According to the latest annual report from the Social Security Board of Trustees, the program will begin paying out more in benefits than it collects in revenue by 2022, which is mostly a result of lengthening life expectancies and the ongoing retirement of baby boomers. By 2034, the roughly $3 trillion in asset reserves held by the trust will be completely gone, leading to what the trustees project will be a cut in benefits for existing and future retirees of up to 23%.
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Source: Fool.com
