Social Security Cuts For Seniors

This is not good.

For now, Social Security appears to be reliable however new analysis finds that by 2035 Social Security recipients may receive a 20% cut to their benefits.

According to Yahoo, The Social Security Administration’s newest report has found that the program will only be able to pay a portion of benefits to retirees after 2035 unless policymakers don’t make necessary changes to the system.

This new information has financial experts warning young Americans to plan accordingly for other means of income after they reach their retirement age.

Yearly, the Social Security Board of Trustees releases an update on the financial status of the Social Security trust funds. This year they have determined that Social Security Administration (SSA) is only going to be able to pay 80% of the benefits they have promised if Congress doesn’t do something about it.

Acting commissioner of Social Security Kilolo Kijakazi explained, “It is important to strengthen Social Security for future generations.”