How to plan for a smaller Social Security check
Absent any changes, Social Security will be able to pay scheduled retirement and survivors benefits on a timely basis until 2034. And then, its reserves will become depleted and continuing tax income will be sufficient to pay only 76% of scheduled benefits.
So, what would that look like?
Well, a current retiree who now receives $1,503 per month from Social Security (the average benefit in January) would receive $1,142, a cut of $361 per month. And a married couple receiving $2,531 per month would receive $1,923, a cut of $608.
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