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Congress Proposes Changes To Social Security

November 8, 2014

The importance of Social Security retirement benefits cannot be understated as nearly one third of all U.S. retirees rely solely upon Social Security for their retirement income. Despite its importance and successful history of providing retirement income to the elderly, Social Security is at a crossroads and cannot continue down the same path for much longer. If it continues to operate under the status quo system, Social Security will only be able to pay 77% of its promised benefits in 2033. While that is a major blow to the system, it would be able to continue paying around 77% of benefits until 2088 when payments would drop to 72% of today’s promised benefits.

However, just ask someone relying upon Social Security today and they will tell you that they cannot afford to take a 23% cut in their retirement income. In response to this pending Social Security shortfall and retirement crisis, Congress has the wheels turning to find solutions.

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From → Finance

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