If nothing changes, Social Security will face a 23 percent across-the-board benefit cut in 2033, according to the Committee for a Responsible Federal Budget.
Older Americans may stay in the workforce for longer as Social Security is predicted to become insolvent in just 10 years, experts say. For an average newly retired couple, that means $17,400 less.A single-income couple, meanwhile, would have $13,100 less in benefits, on average.
'We work with a relatively young clientele, and they aren't too confident today's system will be the one they inherit when they retire,' Douglas Boneparth, a certified financial planner and president and founder of Bone Fide Wealth in New York, told CNBC. 'They want to hedge their bets.'Already, under the current benefits program, roughly 10 percent of older adults live in poverty, according to the Center on Budget and Policy Priorities.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Westside Gunn Interview: New Album, Social Media, Griselda FutureThe Griselda co-founder’s sequel to 2020’s ‘Pray For Paris’ drops this week
Read more »
Social Security COLA update is coming: What retirees need to knowSocial Security recipients may get a smaller COLA increase in 2024.
Read more »
Millions of Social Security recipients were overpaid, may have to pay it backWidow told she has to repay government over $3,000
Read more »
Social Security cuts: Retirees could face more than $17,000 in annual benefits lossesSocial Security could run out of money to make full benefits payments in 2033, spurring as much as $23,000 in benefits cuts for retirees, a study found. Here’s what you need to know.
Read more »
Millions of Social Security recipients may have to return overpaymentsMillions of Americans rely on Social Security payments to cover monthly expenses, but some recipients in recent months have been shocked to learn they were overpaid and now owe money back to the Social Security Administration. Barb Marshall is among them. The recently retired widow hoped for a comfortable retirement, tending the flowers at her country home. But those retirement dreams were shattered when she received a letter a few weeks ago.'It told me I owe them $3,362,' she said.She has to re
Read more »
This Indigenous Peoples' Day, the U.S. Needs to Support Brazil | OpinionThis is a fight for the future of our planet and future generations.
Read more »