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Who’s Ready for a $5,826 Social Security Benefit Cut?

August 2, 2020

From the Motley Fool website

For most Americans, relying on Social Security income during retirement is the expectation. Surveys conducted by national pollster Gallup earlier this year found that 88% of future retirees expect to lean on Social Security income, to some degree, to make ends meet. For nonretirees, this represents an all-time high, dating back through two decades of surveys. 

It’s an equally important source of income for current retirees, with Social Security Administration data showing that better than 3 in 5 seniors leans on their monthly stipend to account for at least half of their income.

In other words, it’s an indispensable program that’s singlehandedly responsible for keeping more than 22 million people a year out of poverty.

And it’s also in trouble.

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